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The Luna Company made the following two errors in counting ending inventory: 1. Understated 12/31/22 inventory by $150 2. Overstated 12/31/23 inventory by $450
The Luna Company made the following two errors in counting ending inventory: 1. Understated 12/31/22 inventory by $150 2. Overstated 12/31/23 inventory by $450 Indicate the error in the following items. Show supporting computations. a. 12/31/23 Retained Earnings $ over/under b. 2024 Net Income $ over/under Beg. Inv. Purchases 2022 2023 2024 End. Inv U/S 150 O/S 450 CGS Gross Profit Net Income Ret. Earnings
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Managerial Accounting Tools for business decision making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
5th edition
470506954, 471345881, 978-0470506950, 9780471345886, 978-0470477144
