Chapter X 271 The enamgiventory in the previous period was overstated. A physical count of goods on hand at the end of the current year resulted in some goods being counted twice. Goods purchased on account in December of the current year and shipped FOB shipping point were recorded as purchases but were not included in the count of goods on hand on December 31 because they had not arrived by December 31. Goods purchased on account in December of the current year and shipped FOB destination were recorded as purchases but were not included in the count of goods on hand on December 31 because they had not arrived by December 31. The internal auditors discovered that the ending inventory in the previous period was understated $15,000 and that the ending inventory in the current period was overstated $25,000. Chapter X 271 The enamgiventory in the previous period was overstated. A physical count of goods on hand at the end of the current year resulted in some goods being counted twice. Goods purchased on account in December of the current year and shipped FOB shipping point were recorded as purchases but were not included in the count of goods on hand on December 31 because they had not arrived by December 31. Goods purchased on account in December of the current year and shipped FOB destination were recorded as purchases but were not included in the count of goods on hand on December 31 because they had not arrived by December 31. The internal auditors discovered that the ending inventory in the previous period was understated $15,000 and that the ending inventory in the current period was overstated $25,000