Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. The December 31, 2024, inventory of Tog Company, based on a physical count, was determined to be $459,000. Included in thatcount was a shipment of goods received from a supplier at the end of the month that cost $59,000. The purchase was recordedand paid for in 2025. Another supplier shipment costing $24,500 was correctly recorded as a purchase in 2024. However, themerchandise, shipped FOB shipping point, was not received until 2025 and was incorrectly omitted from the physical count. Athird purchase, shipped from a supplier FOB shipping point on December 28, 2024, did not arrive until January 3, 2025. Themerchandise, which cost $89,000, was not included in the physical count and the purchase has not yet been recorded.The company uses a periodic inventory system.Required:1. Determine the correct December 31, 2024, inventory balance and, assuming that the errors were discovered after the 2024financial statements were issued, analyze the effect of the errors on 2024 cost of goods sold, net income, and retainedearnings. (Ignore income taxes.)2. Prepare a journal entry to correct the errors.Complete this question by entering your answers in the tabs below.Required 1 Required 2Determine the correct December 31, 2024, inventory balance and, assuming that the errors were discovered after the 2024financial statements were issued, analyze the effect of the errors on 2024 cost of goods sold, net income, and retainedearnings. (Ignore income taxes.)Correct ending inventoryCost of goods soldNet incomeRetained earningsEffectAmount< Required 1Required 2

Name: Note:-Do not provide handwritten solution. Maintain accuracy and quali
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. The December 31, 2024, inventory of Tog Company, based on a physical count, was determin