a. b. 12/31/23 Retained Earnings $ 2023 Net Income $ over/under over/under

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
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Chapter10: Inventory
Section: Chapter Questions
Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...
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subject-Accounting

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