Maurice Tutor

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Category > Accounting Posted 04 Aug 2017 My Price 6.00

Illusory Products Co

Inventory Valuation Error Effects on Financial Statements

Illusory Products Co. began operations early in 1999 and reported the following items in its financial statements at the ends of 1999 and 2000 (dollars in millions):

 

1999

2000

Ending inventory

$18

$22

Gross margin

62

75

Retained earnings

54

66

Early in 2001, management discovered that the ending inventory for 1999 was overstated by $7 million, and the ending inventory for 2000 was correctly measured. The company’s income tax rate in both years was 40 percent.

Required

Determine the effects, if any, of the overstatement of 1999’s ending inventory on Illusory Products’ gross margin and retained earnings for 1999 and 2000.

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Aug 2017 12:08 AM My Price 6.00

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