Question
The company provided the following inventory data for 20X1: Jan 1 Beginning inventory 1,000 units @ $4.00 May 18 Cash Purchase 2,000 units @ $4.50
The company provided the following inventory data for 20X1:
Jan 1 Beginning inventory 1,000 units @ $4.00
May 18 Cash Purchase 2,000 units @ $4.50
Oct 5 Credit Purchase 1,000 units @$4.80
Nov 24 Credit Sales 3,000 units
Dec 1 Credit Purchase 1,000 units @$5.00
The companys reporting date is December 31.
(4) In 20X2, the company found an overstatement of $2,000 for 20X1s ending inventory. The income tax rate is 30%. Prepare journal entries to correct this error.
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Environmental Health And Safety Audits
Authors: Lawrence B. Cahill
8th Edition
0865878250, 978-0865878259
