If a group of inventory items costing $3,200 had been double counted during the year-end inventory count,
Question:
If a group of inventory items costing $3,200 had been double counted during the year-end inventory count, what impact would the error have on the following inventory calculations? Indicate the effect (and amount) as either (a) none, (b) understated $______, or (c) overstated $______.
Transcribed Image Text:
Inventory Item Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold None or amount? Understated or overstated?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
Step 1 To determine Concept introduction Cost of goods manufactured Cost of goods manufactured repr...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
If a group of inventory items costing $15,000 had been omitted from the year-end inventory count, what impact would the error have on the following inventory calculations? Indicate the effect (and...
-
If a group of business assets is being sold for a total agreed price, is it important that the vendor and the purchaser seriously consider how the total price will be allocated to the separate assets...
-
If a group of business assets is sold with specific values attached to each item, what difference, if any, does it make whether the terms of payment (that is, the amount of cash and deferred...
-
Divalent carbon species called carbenes care capable of fleeting existence. For example, methylene: CH2, is the simplest carbene. The two unshared electrons in methylene can be either spin-paired in...
-
John and Karl can live together in a two-bedroom apartment for $500 per month, or each can rent a single-bedroom apartment for $350 per month. Aside from the rent, the two would be indifferent...
-
A producer sells electric bulbs in cartons of 1000 bulbs. Using (11), find the probability that any given carton contains not more than 1% defective bulbs, assuming the production process to be a...
-
Using an incremental internal rate of return (IRR) analysis, the decision to replace the "current best" by the "challenger"' is based on what decision rule? a. The internal rate of return of the...
-
The Coca-Cola Company is organized geographically and defines reportable operating segments as regions of the world. The following information was extracted from Note 21 (Operating Segments) in the...
-
Consider the inverse demand function below for a market with 2 dominant firms: P=600-3(Q 1 +Q 2 ) Assume that both firms have identical marginal costs: $300, yet one of them, Firm 1, is the leader...
-
The following balances come from the trial balance of Wilson State College as of the end of the 2020 fiscal year. Required a. Prepare a statement of revenues, expenses, and changes in net position...
-
Which of the following would cause periodic ending inventory to be overstated? A. Goods held on consignment are omitted from the physical count. B. Goods purchased and delivered, but not yet paid...
-
Compare the calculations for gross margin for B76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
-
Johnson was a trained and certified heating, ventilation, and air-conditioning (HVAC) technician with a universal certification, the highest obtainable from the Environmental Protection Agency. He...
-
The management team of Sandi Cat Enterprises has had their Risk Management group provide an analysis of likely economic conditions in the next year and the likely returns on Sandi Cat stock under...
-
On August 6, you go long one IMM yen futures contract for Yen 12,500,000 at an opening price of $.00812 with a performance bond of $4,590 and a maintenance performance bond of $3,400. The settlement...
-
A firm has EBIT of $29 million, interest expense of $4.5 million, and pays taxes of $8 million. If the firm has 15 million shares outstanding, what is the firm's EPS? OA. $1.10 B. $1.93 C. $0.91 D....
-
Based on the article: "HOW DO CFOSMAKE CAPITAL BUDGETING AND CAPITAL STRUCTURE DECISIONS?" Explain the most popular Capital Budgeting Technique?
-
15kg of block is shot on the frictionless inclined plane from an initial position that is distance d=116 cm from the end of relaxed spring with spring constant, k=100N/m. Block hits the spring and...
-
If $4,000 is invested at 8% compounded continuously, graph the amount in the account as a function of time for a period of 6 years.
-
The registrar of a college with a population of N = 4,000 full-time students is asked by the president to conduct a survey to measure satisfaction with the quality of life on campus. The following...
-
Brad and Valerie decided to adopt a child and contacted an adoption agency in August 2016. After extensive interviews and other requirements (such as financial status, etc.), Brad and Valerie were...
-
Lou and Stella North are married, file a joint return, and have two dependent children in college, Phil and Jaci. Phil attends a State University in a neighboring state, and Jaci attends a State...
-
Caroline, age 66 and filing single as a dependent of another, received the following income items for the current year: Social Security benefits (nontaxable) ..$ 3,000 Pension benefits (taxable)...
-
For each of the five questions, provide the following: List the research question Identify the variables presented in the question and describe each variable's scale of measurement (nominal, ordinal,...
-
We are asked to determine how secure a software lock is. It makes use of the English alphabet of 26 letters. The key to open the lock is FOUR letters long. Upper and lower case are considered a...
-
Write a professional development as a payroll professional based on the two areas that require improvement: 1)Risk Management and 2)Supervision/leadership The development plan must: -provide 2 goals...
Study smarter with the SolutionInn App