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5-12A : Stubbs ber rcise 5-12A Effect of inventory error on financial statements: perpetual system Company failed to count $55,000 of inventory in its Year

5-12A : Stubbs

ber rcise 5-12A Effect of inventory error on financial statements: perpetual system Company failed to count $55,000 of inventory in its Year 1 year-end physical count. Required Write a memo explaining how Stubbs Company's balance sheet will be affected in Year 1. Ass Subbs uses the perpetual inventory system

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