Thie quiz: 150 nointiel possible nel More info Righ urin anal first os of ir Eifically ect." (LE Beginning-of-year finished goods inventory 80,000 units Units finished during Year 1 250,000 units End-of-year finished goods inventory 35,000 units Beginning-of-year work-in-process (in equivalent units") 20,000 units Ending work-in-process (in equivalent units) 20.000 units ("For example, 10 units that are each 40% complete are equal to 4 equivalent units.) One of Not Right's products became obsolete and worthless during Year 1, but the inventory write-down did not occur until Year 2. The cost of this inventory was $82,000. b. In the Year 1 closing inventory count, employees improperly included 500 units of finished goods that had already been sold to customers. These units had a cost of a. ar 1 Mis Print Done 9 9C Partly cloudy C Thie nuiz 150 nointiel possible More info Righ durin ional b. Fios t of in c. Bific ect. In the Year 1 closing inventory count, employees improperly included 500 units of finished goods that had already been sold to customers. These units had a cost of $10,000 under LIFO. An invoice for $24,000 of material received and used in production arrived after the year-end. Neither the purchase nor the accounts payable was recorded. However, the amount of raw materials in ending inventory was correct based on the inventory count. In Year 1. Not Right incurred the following expenditures: Factory labour $ 900,000 Materials used in manufacturing 600,000 Variable overhead 200,000 Subtotal 1,700,000 d. ar 1 Mis Print Done Purthclou This muiz 150 nointis nossible More info Right Surin onal Variable overhead 200,000 ios ( of in Subtotal 1,700,000 Transportation cost of raw materials 120,000 Factory depreciation 750,000 Salary of production vice-president 70,000 Salary of marketing vice-president 110,000 150,000 Advertising cost for new game $ 2,900,000 Not Right's accountants debited only $1,700,000 into the inventory (work-in-process) account. The remainder was expensed as period costs. ar 1 Mis Print Done ume later Submit quiz Below is information relating to Not Right Inc., a subsidiary of a US publicly traded manufacturer of murder mystery games. The company uses the last-in. first-out (LIFO) cost flow assumption. Additional information on inventory during Yeart includes the following i Click the icon to view the additional information) Requirement For each of the independent scenarios (a) through (d), indicate in the following table the effect of the accounting errors on the books of Not Right Inc. Specifically, identity the amount and direction of over- of understatement of inventory and income for Year 1 and Your 2 an account requires no adjustment indicate that the account is correction account is correct, lave the amount cell blank. Do not enter a "0") Year 1 Your Inventory Miscated Amount Income Misstated Amount Inventory Misstated? Amount Income Mis stated Amount b C Thie quiz: 150 nointiel possible nel More info Righ urin anal first os of ir Eifically ect." (LE Beginning-of-year finished goods inventory 80,000 units Units finished during Year 1 250,000 units End-of-year finished goods inventory 35,000 units Beginning-of-year work-in-process (in equivalent units") 20,000 units Ending work-in-process (in equivalent units) 20.000 units ("For example, 10 units that are each 40% complete are equal to 4 equivalent units.) One of Not Right's products became obsolete and worthless during Year 1, but the inventory write-down did not occur until Year 2. The cost of this inventory was $82,000. b. In the Year 1 closing inventory count, employees improperly included 500 units of finished goods that had already been sold to customers. These units had a cost of a. ar 1 Mis Print Done 9 9C Partly cloudy C Thie nuiz 150 nointiel possible More info Righ durin ional b. Fios t of in c. Bific ect. In the Year 1 closing inventory count, employees improperly included 500 units of finished goods that had already been sold to customers. These units had a cost of $10,000 under LIFO. An invoice for $24,000 of material received and used in production arrived after the year-end. Neither the purchase nor the accounts payable was recorded. However, the amount of raw materials in ending inventory was correct based on the inventory count. In Year 1. Not Right incurred the following expenditures: Factory labour $ 900,000 Materials used in manufacturing 600,000 Variable overhead 200,000 Subtotal 1,700,000 d. ar 1 Mis Print Done Purthclou This muiz 150 nointis nossible More info Right Surin onal Variable overhead 200,000 ios ( of in Subtotal 1,700,000 Transportation cost of raw materials 120,000 Factory depreciation 750,000 Salary of production vice-president 70,000 Salary of marketing vice-president 110,000 150,000 Advertising cost for new game $ 2,900,000 Not Right's accountants debited only $1,700,000 into the inventory (work-in-process) account. The remainder was expensed as period costs. ar 1 Mis Print Done ume later Submit quiz Below is information relating to Not Right Inc., a subsidiary of a US publicly traded manufacturer of murder mystery games. The company uses the last-in. first-out (LIFO) cost flow assumption. Additional information on inventory during Yeart includes the following i Click the icon to view the additional information) Requirement For each of the independent scenarios (a) through (d), indicate in the following table the effect of the accounting errors on the books of Not Right Inc. Specifically, identity the amount and direction of over- of understatement of inventory and income for Year 1 and Your 2 an account requires no adjustment indicate that the account is correction account is correct, lave the amount cell blank. Do not enter a "0") Year 1 Your Inventory Miscated Amount Income Misstated Amount Inventory Misstated? Amount Income Mis stated Amount b C