Question: TB MC Qu . 2 0 - 8 1 ( Static ) Cooper Incorporated conducted a complete... Cooper Incorporated conducted a complete physical inventory on

TB MC Qu

. 20 - 81 (

Static

)

Cooper Incorporated conducted a complete...

Cooper Incorporated conducted a complete physical inventory on December

31, 2023 .

Purchases that were shipped FOB destination and were in transit to Cooper on that date were not included in the physical count. What, if anything, is Cooper now required to do now?

Multiple Choice

Cooper needs to correct an accounting error.

Cooper has made a change in accounting principle, requiring retrospective adjustment.

Cooper is required to adjust a change in accounting estimate prospectively.

Cooper is not required to make any accounting adjustments.

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