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Monty Supply Company reports net income of $122,400 in 2023. The ending inventory did not include goods valued at $9,180 that Monty Supply had consigned
Monty Supply Company reports net income of $122,400 in 2023. The ending inventory did not include goods valued at $9,180 that Monty Supply had consigned to Staples. (For question answer please scroll far right) (1) What impact will this error have on the income statement for 2023? If ending inventory is by $ .cost of goods sold will be and net ir (2) What is the correct net income for 2023? The correct net income is $ (3) What impact will this error have on the balance sheet at December 31, 2023? On the balance sheet, both inventory and retained earnings will be by $
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