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Boomer Corp. discovered the following errors in 2024: Its beginning inventory was understated by $50,000 The cost of its net purchases was overstated by $90,000
Boomer Corp. discovered the following errors in 2024: Its beginning inventory was understated by $50,000 The cost of its net purchases was overstated by $90,000 Before the adjustments for the above errors, Boomer's net income was $1,500,000. The cost of its ending inventory on 12/31/2024 is correctly stated. Question: Assuming Boomer Corp. corrects the above errors.
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Financial Reporting and Analysis
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
6th edition
9780077632182, 78025672, 77632184, 978-0078025679
