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1 .2 . 3 Esard PPT Elects of Errors in the Ending lovestory over Two-Year Cycle (first read a 482.486, then the des posted along
1 .2 . 3 Esard PPT Elects of Errors in the Ending lovestory over Two-Year Cycle (first read a 482.486, then the des posted along with these exercises and then the spreadsheet posted along with these exercises) Arrume a mistake was made by Made Incorporated computing their ending inventory when conducting a physical count at the end of Year 1. Also anume no mistake was made in computing ending inventory at the end of Year 2 Rows A and B are of one scenario (the mistake was an understatement in ending inventory at the end of year 1) while Town C and D are of another scenario (the mistake was an overstatement in ending inventory at the end of year 1). Complete the table using the following entries: 0 - overstated nderstated U NE ne affect Net Error in Inventory Assets Liabilities Retained Earning Cout of Goods Sold Gross Profit Income Ending Laventory is understated End of lear Beginning Lventory is understated End of Year 2 Ending Inventory is overstated End of Year! Beginning lavestory is overstated End of Year 2 Loe 6 9 2 w 1 .2 . 3 Esard PPT Elects of Errors in the Ending lovestory over Two-Year Cycle (first read a 482.486, then the des posted along with these exercises and then the spreadsheet posted along with these exercises) Arrume a mistake was made by Made Incorporated computing their ending inventory when conducting a physical count at the end of Year 1. Also anume no mistake was made in computing ending inventory at the end of Year 2 Rows A and B are of one scenario (the mistake was an understatement in ending inventory at the end of year 1) while Town C and D are of another scenario (the mistake was an overstatement in ending inventory at the end of year 1). Complete the table using the following entries: 0 - overstated nderstated U NE ne affect Net Error in Inventory Assets Liabilities Retained Earning Cout of Goods Sold Gross Profit Income Ending Laventory is understated End of lear Beginning Lventory is understated End of Year 2 Ending Inventory is overstated End of Year! Beginning lavestory is overstated End of Year 2 Loe 6 9 2 w
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