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The records of Thomas Company as of December 3 1 , 2 0 2 3 , show the following: The accountant of Thomas Company discovers
The records of Thomas Company as of December show the following:
The accountant of Thomas Company discovers in the first week of January that the following errors were made by his staff.
a Goods costing $ were in transit FOB shipping point and were not included in the ending inventory. The invoice had been
received and the purchase recorded.
b Damaged goods cost $ that were being held for return to the supplier were included in inventory. The goods had been
recorded as a purchase and the entry for the return of these goods had also been made.
c Inventory items costing $ were incorrectly excluded from the final inventory. These goods had not been recorded as a
purchase and had not been paid for by the company.
d Goods that were shipped FOB destination had not yet arrived and were not included in inventory. However, the invoice had arrived
on December and the purchase for $ was recorded.
e Goods that cost $ were segregated and not included in inventory because a customer expressed an intention to buy the
goods. The sale of the goods for $ had been recorded in December
Required:
Using the format provided below, show the correct amount for net purchases, profit, accounts payable, and inventory for Thomas
Company as at December Negative answers should be indicated by a minus sign. Do not leave any cells blank; input
wherever it is required.
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