Reference no: EM132901725
Question - In early 2018, the new controller discovers a variety of inventory errors. The company uses the periodic inventory method and uses a Purchases account to accumulate inventory purchases during the year. The company has a 12/31 yearend.
Purchases in 2016 were overstated by $5,000 because an invoice was entered and paid twice in error. The error was discovered in 2017 and the vendor gave the company a refund in 2017 for the overpayment. The company credited Purchases in 2017 when the refund was processed.
Ending inventory at 12/13/16 is understated by $10,000.
Purchases in 2017 are understated by $4,000. These items were received in December 2017, but were recorded in purchases in January 2018 when the invoice was paid.
Ending inventory at 12/31/17 is understated by $12,000.
Additional information: Ending inventory as reported in the 2017 Annual Report amounted to $600,000. The 2017 Annual Report was issued before the above errors were identified.
Prepare the necessary opening balance sheet journal entry at 1/1/2018 related to the above items. All lines do not have to be used.
When the restated financial statements are issued, what is the balance for Inventory at 12/31/17 (i.e., what is the opening balance of inventory on 1/1/18)?
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