The Manwaring Products Company's inventory record appears below.
___________________________________________________Purchases....................Sales
________________________________________________Quantity......Unit Cost......Quantity
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,200..........$4.30.............5,800
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,900............4.80.............9,200
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,800............5.10.............6,300
The company uses a LIFO cost flow assumption. It reported ending inventories as follows for its first three years of operations:
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,320
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,630
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,120
Determine if the Manwaring Products Company has reported its inventory correctly. Assuming that 2013 accounts are not yet closed, make any necessary correcting entries.