Crane Fishing Gear reported the following amounts for its cost of goods sold and ending inventory: Crane made two errors: (1) 2023 ending inventory was overstated by $6,930, and (2) 2024 ending inventory was understated by $5,430 (a) Your answer has been saved. See score details after the due date. Calculate the correct cost of goods sold and ending inventory for each year: Determine the impact of the errors on profit for 2023 and 2024 and on owner's equity at the end of 2023 and 2024. In 2023 profit is by $ the amount of the error in ending inventory. This error flows through to owner's equity in 2023 to produce an of $ In 2024 both errors have an impact. The net effect is an of profit by $ This is a result of the $6,930 of the beginning inventory plus $ ending inventory. Owner's equity in 2024 would show only an of $ .The $6,930 of 2023 would be offset by the $6,930 in profit caused by the impacton beginning inventory in 2024. Attempts: 0 of 1 used curetir Almant in Pouesa. Grane Fishing Gear neported the following amounts for its cost of goods sold and ending inventory. Crane made two errors: (1) 2023 ending inventory was overstated by $6,930, and (2) 2024 ending irventory was understated by \$5,430. Calculate the correct cost of goods sold and ending inventory for each year. Determine the lmpact of the errors on profit for 2023 and 2024 and on owner s equity at the end of 2023 and 2024 in 2023 profit is by. 5 , the amount of the error inending imventory. This error flows through to owner's equity in 2023 to produce an In 2024 botherrors have an impact. The net effect is an of profit by $ result of the $6,930 of the beginning inventory plus $ endinginventory. Owner's equity in 2024 would show only an of 5 The $6,930 2023 would be offset by the $6,930 in profit caused by the impact on beginning inventory in 2024. Attempts: 0 of 1 used Current Attempt in Progress Crane Fishing Gear reported the following amounts for its cost of goods sold and ending inventory: Crane made two errors: (1) 2023 ending inventory was overstated by $6.930, and (2) 2024 ending inventory was understated by 55,430 Attemptsi 1 at fuyed (b) Determine the impont of the erremson neofit for 2023 and 2024 and on couners equity at the end ot 2023 and 2024. in zoz? pront is try 5 the anaunt of the error in enising inventory. This errar fawes In 2024 both errors havi an hrusct. The net effect is an fusult of the 16.930 indieg inventury. Qwner eguity in 2624 woud showanl of 2023 would be offset dy the 56.930 The 56,939 in profit caused by the inpact on begnning imventory in 2024. Atterngts: 0 of 1 used Crane Fishing Gear reported the following amounts for its cost of goods sold and ending inventory: Crane made two errors: (1) 2023 ending inventory was overstated by $6,930, and (2) 2024 ending inventory was understated by $5,430 (a) Your answer has been saved. See score details after the due date. Calculate the correct cost of goods sold and ending inventory for each year: Determine the impact of the errors on profit for 2023 and 2024 and on owner's equity at the end of 2023 and 2024. In 2023 profit is by $ the amount of the error in ending inventory. This error flows through to owner's equity in 2023 to produce an of $ In 2024 both errors have an impact. The net effect is an of profit by $ This is a result of the $6,930 of the beginning inventory plus $ ending inventory. Owner's equity in 2024 would show only an of $ .The $6,930 of 2023 would be offset by the $6,930 in profit caused by the impacton beginning inventory in 2024. Attempts: 0 of 1 used curetir Almant in Pouesa. Grane Fishing Gear neported the following amounts for its cost of goods sold and ending inventory. Crane made two errors: (1) 2023 ending inventory was overstated by $6,930, and (2) 2024 ending irventory was understated by \$5,430. Calculate the correct cost of goods sold and ending inventory for each year. Determine the lmpact of the errors on profit for 2023 and 2024 and on owner s equity at the end of 2023 and 2024 in 2023 profit is by. 5 , the amount of the error inending imventory. This error flows through to owner's equity in 2023 to produce an In 2024 botherrors have an impact. The net effect is an of profit by $ result of the $6,930 of the beginning inventory plus $ endinginventory. Owner's equity in 2024 would show only an of 5 The $6,930 2023 would be offset by the $6,930 in profit caused by the impact on beginning inventory in 2024. Attempts: 0 of 1 used Current Attempt in Progress Crane Fishing Gear reported the following amounts for its cost of goods sold and ending inventory: Crane made two errors: (1) 2023 ending inventory was overstated by $6.930, and (2) 2024 ending inventory was understated by 55,430 Attemptsi 1 at fuyed (b) Determine the impont of the erremson neofit for 2023 and 2024 and on couners equity at the end ot 2023 and 2024. in zoz? pront is try 5 the anaunt of the error in enising inventory. This errar fawes In 2024 both errors havi an hrusct. The net effect is an fusult of the 16.930 indieg inventury. Qwner eguity in 2624 woud showanl of 2023 would be offset dy the 56.930 The 56,939 in profit caused by the inpact on begnning imventory in 2024. Atterngts: 0 of 1 used
