An error understated Golden Flash Company’s December 31, 2018, ending inventoryby $27,000. What effect will this error have on net income for 2019?a. Understate itb. Have no effect on itc. Overstate it

At December 31, 2020, Sandhill’s Mercantile has Cost of Goods Sold of $50800 before adjusting entries are recorded. The physical count of inventory indicates that the actual inventory amount is $1500 less than the balance in the Inventory account. What balance will the company report for Cost of Goods Sold on the 2020 income statement? $49300.$50800.$52300.$53800.

An entry to record Purchases and related Accounts Payableof $13,000 for merchandise purchased on December23, 2018, was recorded in January 2019. This merchandisewas not included in inventory at December 31, 2018. Whateffect does this error have on reported net income for2018? What entry should be made to correct for this error,assuming that the books are not closed for 2018?

Whispering Winds Supply Company reports net income of $141,600 in 2023. The ending inventory did not include goods valued at $10,620 that Whispering Winds Supply had consigned to Staples. (For question answer please scroll far right) (1) What impact will this error have on the income statement for 2023? If ending inventory is ✓by $ (2) (3) What is the correct net income for 2023? The correct net income is $ 2 On the balance sheet, both inventory and retained earnings will be cost of goods sold will be What impact will this error have on the balance sheet at December 31, 2023? by $ and net

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Assume the perpetual inventory system is used unless stated otherwise.Accounting principles for inventory and applying the lower-of-cost-or-market rule Some of M and C Electronics’s merchandise is gathering dust. It is now December 31, 2018, and the current replacement cost of the ending merchandise inventory is $24,000 below the business’s cost of the goods, which was $97,000. Before any adjustments at the end of the period, the company’s Cost of Goods Sold account has a balance of $380,000. Requirements Journalize any required entries. At what amount should the company report merchandise inventory on the balance sheet? At what amount should the company report cost of goods sold on the income statement? Which accounting principle or concept is most relevant to this situation?

On December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $77500, it is now January 8, 2024, and you have been asked to double-check the year-end inventory listing. J&M uses a perpetual inventory system Note: Only relevant items are shown on the inventory listing. # 1 2 Jen & Mink Clothing Inventory Listing December 31, 2023 Inventory Number Inventory Description Quantity (units) Blue jackets. Black pants 7649 10824 104 308 Unit Cost ($) Total Value ($) 24 2,496 5,852 19 Total Inventory $77,500 The following situations have been brought to your attention: a. On January 3, 2024, J&M received a shipment of 104 blue jackets, for $2,496 (Item #7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in J&M's inventory count and inventory listing. b. On December 29, 2023, J&M sold scarves (Item # 5566) to a customer with a sale price of $740 and cost of…

A company uses the periodic inventory method and the beginning inventory is overstated by $9,000 because the ending inventory in the previous period was overstated by $9,000. The amounts reflected in the current end of the period balance sheet are         Assets           Owner’s Equity Understated   Understated Overstated   Correct Overstated   Overstated Correct   Correct

Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. Sales revenue Sales returns and allowances Net sales Beginning inventory Ending inventory 2024 $288,820 $ 11,060 2025 13,430 348,998 19,210 33,650 2026 $410,020 Purchases 261,470 298,835 Purchase returns and allowances 5,040 7,800 10,240 Freight-in 8,110 8,410 12,600 Cost of goods sold 235,200 293,080 Gross profit on sales 42,560 95,570 96,640 eTextbook and Media

1. If ending inventory on December 31, 2019, is overstated, then, a) cost of goods sold for the year ended December 31, 2020, will be understated. b) gross profit for the year ended December 31, 2019, will be understated. c) gross profit for the year ended December 31, 2020, will be understated. d) cost of goods sold for the year ended December 31, 2019, will be overstated.