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The Luna Company made the following two errors in counting ending inventory: 1. Understated 12/31/22 inventory by $200 2. Understated 12/31/23 inventory by $350 Indicate
The Luna Company made the following two errors in counting ending inventory: 1. Understated 12/31/22 inventory by $200 2. Understated 12/31/23 inventory by $350 Indicate the error in the following items. Show supporting computations. a. 12/31/23 Retained Earnings $_____________ over/under b. 2023 Net Income $_____________ over/under.
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