Scooter libby corp ises a periodic inventory system in 2011

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Scooter Libby Corp. ises a periodic inventory system. In 2011, they made a very large purchase, so large that they didn't have room for all of it in their warehouse. So, they rented a semi trailer and stored some of the inventory in the trailer. Only the inventory in their warehouse was counted at the end of 2011, as the people doing the counting were not aware of the semi trailer. Explain illustrate the impact this error will have on the financial statements of Scooter Libby Corp.

Reference no: EM13572978

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