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What is the impact of your adjustments

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Reference no: EM133150961

Question - The following excerpt is adapted from a SEC's cease-and-desist proceeding.

For its FY11 year-end financial close process, LOGI recorded a $2.2M impairment loss for its inventory (50,000 units) based on an assessment that the net realizable value of the inventory is $249 per unit. The company's income tax rate is 20%.

Suppose you, as an experienced analyst covering LOGI, believe the net realizable value of the inventory should be $219 per unit and plan to adjust accordingly. What is the impact of your adjustments on LOGI's financial statements?

Reference no: EM133150961

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