Question: Barin Retail Outlets incorrectly recorded inventory in 2020. Rather than recording ending inventory as $960,000, Barins accounting manager entered $690,000, understating ending inventory by $270,000.

Barin Retail Outlets incorrectly recorded inventory in 2020. Rather than recording ending inventory as $960,000, Barin’s accounting manager entered $690,000, understating ending inventory by $270,000. Barin’s controller discovered the error in 2022. Prepare the journal entry necessary to correct the inventory error, ignoring any income tax effects.

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