Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > HR Management Posted 13 Jan 2018 My Price 6.00

WMC Corporation

Error correction; inventory error

During 2016, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts:

WMC uses the periodic inventory system and the FIFO cost method.

Required:

1. Determine the effect of these errors on retained earnings at January 1, 2016, before any adjustments. Explain your answer. (Ignore income taxes.)

2. Prepare a journal entry to correct the error.

3. What other step(s) would be taken in connection with the error?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Jan 2018 09:01 PM My Price 6.00

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