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Identify the value impact from the errors

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Problem a: Identify the $ value impact from the errors below on ending inventory, revenue, net income and ending retained earnings in the current year. Identify if the errors are an overstatement or an understatement. Each scenario is an independent case, the year end is December 31.

1. Goods in transit with a cost of $1,000 shipped FOB destination by the supplier were recorded as a purchase but were excluded from ending inventory.

Reference no: EM132678106

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