INT.ACCT. LL W/CONNECT+PROCTORIO PLUS
INT.ACCT. LL W/CONNECT+PROCTORIO PLUS
10th Edition
ISBN: 9781266374395
Author: SPICELAND
Publisher: MCG
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Chapter 20, Problem 20.11DMP
To determine

Inventory error:

Inventory errors are sometimes caused by making mistake in physical count, in pricing the inventory correctly, or in recognizing the transfer of title for the goods in transit. These inventory errors affect both the income statement as well as balance sheet.

To Discuss: The reason behind these steps required to account for the error correction.

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