The company miscounted its inventory at the end of the year. The correct amount of inventory was $100,000. The error was not discovered until the following May when the books for the preceding year were already closed. Make the correcting entry necessary the following May, assuming that the incorrectly reported amount of inventory at the end of the preceding year was (1) $75,000 and
Ignore income taxes.
This question was answered on: Jul 11, 2017
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