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d. Inventory was acquired on account and recorded for $1,640. Perpetual inventory is maintained. e. It was later determined that the amount of inventory acquired on account (in d) was erroneously recorded. The actual amount purchased was only $1,460. No payments have been made. Record the correction of this error. : Purchased 12 units of inventory at a cost of $80 each and then 8 more units of the same inventory item at $88 each. Perpetual inventory is maintained.

d. Inventory was acquired on account and recorded for $1,640. Perpetual inventory is maintained. e. It was later determined that the amount of inventory acquired on account (in d) was erroneously recorded. The actual amount purchased was only $1,460. No payments have been made. Record the correction of this error. : Purchased 12 units of inventory at a cost of $80 each and then 8 more units of the same inventory item at $88 each. Perpetual inventory is maintained.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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D, E, F

d. Inventory was acquired on account and recorded for $1,640. Perpetual inventory is maintained. e. It was later determined that the amount of inventory acquired on account (in d) was erroneously recorded. The actual amount purchased was only $1,460. No payments have been made. Record the correction of this error. : Purchased 12 units of inventory at a cost of $80 each and then 8 more units of the same inventory item at $88 each. Perpetual inventory is maintained.
Transcribed Image Text:d. Inventory was acquired on account and recorded for $1,640. Perpetual inventory is maintained. e. It was later determined that the amount of inventory acquired on account (in d) was erroneously recorded. The actual amount purchased was only $1,460. No payments have been made. Record the correction of this error. : Purchased 12 units of inventory at a cost of $80 each and then 8 more units of the same inventory item at $88 each. Perpetual inventory is maintained.
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