The Luna Company made the following two errors in counting ending inventory: 1. Understated 12/31/22 inventory by $150 Overstated 12/31/23 inventory by $450 2. Indicate the error in the following items. Show supporting computations. 12/31/23 Retained Earnings $ over/under 2024 Net Income $ over/under 2022 2023 2024 U/S 150 O/S 450 a. b. Beg. Inv. Purchases End. Inv CGS Gross Profit Net Income Ret. Earnings

The Luna Company made the following two errors in counting ending inventory: 1. Understated 12/31/22 inventory by $150 Overstated 12/31/23 inventory by $450 2. Indicate the error in the following items. Show supporting computations. 12/31/23 Retained Earnings $ over/under 2024 Net Income $ over/under 2022 2023 2024 U/S 150 O/S 450 a. b. Beg. Inv. Purchases End. Inv CGS Gross Profit Net Income Ret. Earnings

Name: The Luna Company made the following two errors in counting ending inv
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Description: The Luna Company made the following two errors in counting ending inventory:1.Understated 12/31/22 inventory by $150Overstated 12/31/23 inventory by $4502.Indicate the error in the following items. Show supporting computations.12/31/23 Retained Earn

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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