Assume that Joist Inc. (the consignee) included $40,000 of inventory held on consignment for Dory Company (the
Question:
(a) What is the effect of this error on Joist’s financial statements?
(b) Would Joist’s error also cause a misstatement in Dory’s financial statements? Explain.
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a Inventory shrinkage and cost of merchandise sold would be understate...View the full answer
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Related Book For 
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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