Consider the following two independent errors that were discovered in 20X1 after the 20X0 financial statements were
Question:
Consider the following two independent errors that were discovered in 20X1 after the 20X0 financial statements were issued.
Scenario A Inventory of $123,000 was missed in an inventory count.
Scenario B Inventory of $250,000 was counted twice.
Required:
1. Identify the impact on inventory, COGS, earnings, and retained earnings in 20X0.
2. Prepare the journal entry to correct the error in 20X1 (ignore any tax effects).
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1 Inventory 123000 was missed in an inventory count Th...View the full answer
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Related Book For 
Intermediate Accounting Volume 1
ISBN: 9781260881233
8th Edition
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel
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