Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how do I calculate this step by step? Knowledge Check 01 The sales revenue and correct inventory Information for Talisman Corporation is provided below. Sales

how do I calculate this step by step? image text in transcribed
image text in transcribed
Knowledge Check 01 The sales revenue and correct inventory Information for Talisman Corporation is provided below. Sales revenue Beginning inventory Purchases Ending Inventory Year 1 $75,000 10,000 50,000 12,000 Year 2 $80,000 12,000 60.000 9,000 By mistake the accountant at Talisman recorded $15.000 as ending inventory for Year 1. Which of the following is true of the total amount reported for cost of goods sold over the two-year period from Year 1 to Year 2 because of the error? Muluple Choice Inces by $3.000 Decreases by $3.000 Unaffected at 1000 Unaffected at 563.000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav

14th Edition

978-0132960649, 132960648, 132109174, 978-0132109178

More Books

Students also viewed these Accounting questions

Question

to encourage a drive for change by developing new ideas;

Answered: 1 week ago

Question

4 What are the alternatives to the competences approach?

Answered: 1 week ago