Inventory Errors and estimation Page Cont. for each of the independent events listed below,...
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Inventory Errors and estimation Page Cont. for each of the independent events listed below, using a perpetual Inventory system, analyze the impact on the Indicated items at the end of the Current year by placing the appropriate Code letter in the box under each item. Code: 0 = item is overstated u item is understated NA = item is not effected Events e Assets Owner's Equity Seld 55555 1. The ending inventory in the Previous Period was overstated & 2 A physical Count of goods on hand at the end of the current year resulted in some goods beting Courted twice. 3. Goods Purchased on account in December of the Current Year and shipped FOB desti- nation were recorded as Purchases, but were not included in the count of goods on hand on December 31 because they had not carrived by December 31 4. Goods Purchased on account in December of the current year and Shipped For shipping point were recorded as purchases , but were not included in the count of goods on hand on December 31 because they had not arrived by December 3)
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