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The illinois corp which maintains a periodic inventory

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Reference no: EM13601939

The Illinois Corp., which maintains a periodic inventory, acquired $12,000 of merchandise inventory in January of 2012, but recorded this purchase in December of 2011.

Required: What is wrong with Illinois' 2011 reported net income if:
(a) Illinois failed to include this inventory in its Dec. 31, 2011 merchandise inventory count?
(b) Illinois did include this inventory in its Dec. 31, 2011 merchandise inventory count?

Reference no: EM13601939

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