Lime Supplies had a miscount of inventory at $22,000 for the year end May 31, 2022. The correct amount should have been $25,000. If this error was never corrected, and assuming the inventory count was correct for 2023, how much would this error impact the cost of
Lime Supplies had a miscount of inventory at $22,000 for the year end May 31, 2022. The correct amount should have been $25,000. If this error was never corrected, and assuming the inventory count was correct for 2023, how much would this error impact the cost of
Chapter10: Inventory
Section: Chapter Questions
Problem 13PB: Company Edgar reported the following cost of goods sold but later realized that an error had been...
Related questions
Question
![Lime Supplies had a miscount of inventory
at $22,000 for the year end May
31, 2022. The correct amount should
have been $25,000. If this error was
never corrected, and assuming the
inventory count was correct for 2023, how
much would this error impact the cost of
goods sold in 2022? Select one: a. Not
impacted at all. b. $3,000 overstated c. $
47,000 understated d. $3,000
understated](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F99e2a49a-25d9-48bf-b55a-335e17c9c504%2F935d7476-0efb-44b5-b01a-76ba65a9cc4f%2Fsk22e1u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Lime Supplies had a miscount of inventory
at $22,000 for the year end May
31, 2022. The correct amount should
have been $25,000. If this error was
never corrected, and assuming the
inventory count was correct for 2023, how
much would this error impact the cost of
goods sold in 2022? Select one: a. Not
impacted at all. b. $3,000 overstated c. $
47,000 understated d. $3,000
understated
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College