Problem $20-10($Static$)$ Inventory errors $[$LO$20-6]$

You have been hired as the new controber for the Raldion Compeny. Shorlly afler joining the compeny in $2024,$ you diccover the following evers related to the $2022$ end $2023$ tinancial statements:

a$.$ Invertory at $\frac{12}{5}V2022$ was underntated by $$6,000.$

b$.$ invertory at $\frac{12}{372023}$ was evernlated by $$2,000.$

C$.$ On $\frac{12}{31}\frac{?}{2033},$ inventory was purchased for $$3\mathrm{.}000.$ The compeny did not record the purchase unter the inventory was pelid tor early in $2024,$ At that time, the purchase was reconsed by a debit to purchases and a coedt to cauh.

The compeny uses a periodic inventory system.

Requile ent

Assuring that the errons wese discovered sher the $2023$ triascial tilatements mere hued, analyze the eflect of the evors on $2023$ and $2022$ cost of goods nold, net income. and retereed ebining. ponowe income tiven$)$

Prepore a journal entry to comect the enors.

Complete thls question by entering your answers in the tabe below. poulve amounts. Be certain ts enter berb mherever needed.

Sheren leses $4$

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