
a.
Error and Error analysis:
It refers to a mistake that happened due to the wrong application of accounting policy and method. Correction of error is made with the retrospective method and the changes in
Analysis of errors over the two years, recommend any correcting entries required to correct the inventory error, and comment on the effect of the error on gross profit.
b.
Error and Error analysis:
It refers to a mistake that happened due to the wrong application of accounting policy and method. Correction of error is made with the retrospective method and the changes in retained earnings as prior period adjustments are shown.
Correcting entries if LLC discovered the error in 2023 after the closing of the books for 2022.

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Chapter 21 Solutions
Pearson eText Intermediate Accounting -- Instant Access (Pearson+)
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