Perfect Co. discovered the following errors in 2022. Identify the error that Perfect will not need to make a correcting entry. Goods on consignment at a third-party store was excluded from 12/31/2021 inventory. 2022 beginning inventory is overstated as a result of overstated 2021 ending inventory.
Perfect Co. discovered the following errors in 2022. Identify the error that Perfect will not need to make a correcting entry. Goods on consignment at a third-party store was excluded from 12/31/2021 inventory. 2022 beginning inventory is overstated as a result of overstated 2021 ending inventory.
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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Perfect Co. discovered the following errors in 2022. Identify the error that Perfect will not need to make a correcting entry.
Goods on consignment at a third-party store was excluded from 12/31/2021 inventory.
2022 beginning inventory is overstated as a result of overstated 2021 ending inventory.
2022 beginning inventory is understated as a result of understated 2021 ending inventory.
2021 beginning inventory is overstated as a result of overstated 2020 ending inventory.
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