Question
A firm counting its inventory did not count a box with a value of $1000 in year 1. In year 2, the firm forgot to
A firm counting its inventory did not count a box with a value of $1000 in year 1. In year 2, the firm forgot to count the same box with a value of $1000. State whether it is understated, over stated , or has no effect.
How did this affect retained earnings in year 1?
How did this affect net income in year 2 ?
How did this affect retained earnings in year 2 ?
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Cost Accounting Principles And Managerial Applications
Authors: Gerald R. Crowningshield
3rd Edition
0395178371, 978-0395178379
