Buzios, Inc. made an error in the physical count of goods on hand at the...
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Accounting
Buzios, Inc. made an error in the physical count of goods on hand at the end of June which resulted in a $1,200 understatement of the ending inventory. Which of the following is one effect of the error? Net income will be understated. Gross profit will be overstated. Cost of goods available for sale will be overstated. Cost of goods sold will be understated. 12 At December 31, 2022, Novak Corp. inventory records indicated a balance of $627000. Upon further investigation it was determined that this amount included the following: - $128000 in inventory purchases made by Novak shipped from the seller 12/27/22 terms FOB destination, but not due to be received until January 2 nd - $83000 in goods sold by Novak with terms FOB destination on December 27 . The goods are not expected to reach their destination until January 6. - $5200 of goods received on consignment from Susan Company What is Novak's correct ending inventory balance at December 31, 2022? $499000$621800$493800$410800
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