Analysis of errors over the two years, recommend any correcting entries required to correct the inventory error, and comment on the effect of error on gross profit.

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Answer 1

Question

Chapter 21, Problem 21.9E

a.

To determine

Analysis of errors over the two years, recommend any correcting entries required to correct the inventory error, and comment on the effect of error on gross profit.

b.

To determine

Correcting entries if LLC discovered the error in 2017 after the closing the books for 2016.

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For the current year ended March 31, Cosgrove Company expects fixed costs of $579,000, a unit variable cost of $68, and a unit selling price of $89. a. Compute the anticipated break-even sales (units). b. Compute the sales (units) required to realize an operating income of $134,000. (Round your answer to nearest units)

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correct answer please

Answer 2

Question

Chapter 21, Problem 21.9E

a.

To determine

Analysis of errors over the two years, recommend any correcting entries required to correct the inventory error, and comment on the effect of error on gross profit.

b.

To determine

Correcting entries if LLC discovered the error in 2017 after the closing the books for 2016.

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Answer 3

Question

Chapter 21, Problem 21.9E

a.

To determine

Analysis of errors over the two years, recommend any correcting entries required to correct the inventory error, and comment on the effect of error on gross profit.

b.

To determine

Correcting entries if LLC discovered the error in 2017 after the closing the books for 2016.

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Answer 4

Question

Chapter 21, Problem 21.9E

a.

To determine

Analysis of errors over the two years, recommend any correcting entries required to correct the inventory error, and comment on the effect of error on gross profit.

b.

To determine

Correcting entries if LLC discovered the error in 2017 after the closing the books for 2016.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 21, Problem 21.9E

a.

To determine

Analysis of errors over the two years, recommend any correcting entries required to correct the inventory error, and comment on the effect of error on gross profit.

b.

To determine

Correcting entries if LLC discovered the error in 2017 after the closing the books for 2016.

Answer 6

Chapter 21, Problem 21.9E

a.

To determine

Analysis of errors over the two years, recommend any correcting entries required to correct the inventory error, and comment on the effect of error on gross profit.

Answer 7

Chapter 21, Problem 21.9E

a.

To determine

Analysis of errors over the two years, recommend any correcting entries required to correct the inventory error, and comment on the effect of error on gross profit.

Answer 8

b.

To determine

Correcting entries if LLC discovered the error in 2017 after the closing the books for 2016.

Answer 9

b.

To determine

Correcting entries if LLC discovered the error in 2017 after the closing the books for 2016.

Answer 10

Expert Solution & Answer

Answer 11

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Answer 12

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Answer 13

Ch. 21 - Are accounting changes permitted in financial...Ch. 21 - How do firms report accounting changes under the...Ch. 21 - Prob. 21.3Q Ch. 21 - How do firms account for changes in accounting...Ch. 21 - Prob. 21.5Q Ch. 21 - Prob. 21.6Q Ch. 21 - Prob. 21.7Q Ch. 21 - Prob. 21.8Q Ch. 21 - Do accounting errors that self-correct within two...Ch. 21 - Does a firm need to correct an error that...

Analysis of errors over the two years, recommend any correcting entries required to correct the inventory error, and comment on the effect of error on gross profit.

Analysis of errors over the two years, recommend any correcting entries required to correct the inventory error, and comment on the effect of error on gross profit.

Correcting entries if LLC discovered the error in 2017 after the closing the books for 2016.

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Chapter 21 Solutions