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ACC 403 Module 2 SLP 2 Correction to sales and to inventory

One client had indicated that they were interested in purchasing $35,500 worth of products, so the bookkeeper recorded the transaction. However, the client has not actually committed to the purchase.

The bookkeeper may have made a mistake when computing cost of goods sold. She included total production costs for 2012 and did not adjust ending inventory for the $35,500 worth of units left at the end of the year. The amount of ending inventory was determined using a physical count.

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Your tutorial and income statement is attached. The two adjustments are ...

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Your tutorial and income statement is attached. The two adjustments are discussed.

$2.19