Question
Net Realizable Lower-of-Cost- Inventory Categories Cost Data Value Data or-Net Realizable Value Camera $11,000 $9,900 $9,900 Camcorders 7,800 8,500 7,800 DVDs 14,000 12,000 12,000 $29,700
Net Realizable Lower-of-Cost- Inventory Categories Cost Data Value Data or-Net Realizable Value Camera $11,000 $9,900 $9,900 Camcorders 7,800 8,500 7,800 DVDs 14,000 12,000 12,000 $29,700
Garner Supply Company reports net income of $120,000 in 2022. The ending inventory did not include goods valued at $7,000 that Garner had consigned to Sharif's Gift Shop.
(1) What is the correct net income for 2022? (2) What impact will this error have on the balance sheet at 12/31/22?
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Financial Accounting
Authors: Kermit D. Larson, Paul B. W. Miller
5th Edition
0256091935, 978-0256091939
