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ABC Company failed to record a purchase during 2020 of certain inventory that it owns, but did counted them in the ending inventory at December
ABC Company failed to record a purchase during 2020 of certain inventory that it owns, but did counted them in the ending inventory at December 31, 2020. (Suppose this purchase was recorded and paid for in 2021).
a. show the effect of the inventory error with numbers on the income statements for 2020 and 2021. Assume a periodic inventory system and a December 31 fiscal year end
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