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Inventory Error The following selected financial information is from Taylor and Company. It was determined that due to errors in the physical inventory count, the
Inventory Error The following selected financial information is from Taylor and Company. It was determined that due to errors in the physical inventory count, the Year 1 ending inventory was overstated by $2,300. At the end of Year 2, items costing $500 were in transit and not included in the physical inventory count; however, ownership had transferred to Taylor and Company. a. Compute the correct cost of goods sold for both years
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