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What is the expected closing inventory

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Reference no: EM132787029

Based on the accounting books, you are confident about the following information:

Opening Inventory: $400,000
Purchases: $200,000
Freight-in: $ 50,000
COGS: $500,000

Problem 1: What is the expected Closing inventory?

Problem 2: When physical inventory was taken, a storage bin was overlooked. As a result, the Closing Inventory was understated by $70,000 (i.e. the inventory was $70,000 less than it should have been). Your boss wants to know what impact this has on the following:

1. Cost of goods sold
2. Gross profit
3. Net Income
4. Balance Sheet

Reference no: EM132787029

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