When tracing using the cutoff information from the December 31 inventory count of Thermo- Tempur Mattresses, you note the following information:

The purchases list shows that the following items were recorded in December.

The documentation indicates that the last receiving report included in the inventory count was Receiving Report 1182. Receiving Reports 1183 and 1184 were for goods received on the company's truck but not unloaded. Receiving report 1185 was for goods received on January 3.

Required:
Prepare a correcting journal entry assuming that Thermo- Tempur uses
(a) a periodic inventory system and
(b) a perpetual inventory system that was updated for the inventory count.

Transcribed Image Text:

Receiving Report Number 1179 1180 1181 1182 1183 1184 1185 Date Received 12/28 12/28 12/29 12/31 12/31 1/2 1/3 Total Cost 12,433.61 8,923.34 15,448.22 14,109.33 11482.57 17,852.56 8,753.96 Total Cost Receiving Report Number 1179 1180 1181 1182 1184 Date Received 12/28 12/28 12/29 12/31 1/2 $12,43361 8923.34 15,449.22 14,109.33 17 852.56