July Co. uses the periodic inventory system and showed this information at December 31, 2020: Inventory – January 1 Purchases P220,000 420,000 800,000 74,000 215,000 Sales Sales returns Inventory - December 31 A mistake was made in taking the physical inventory and the inventory on January 1 should be P255,000. This mistake would result to gross profit being greater (lesser) by than what should be.
July Co. uses the periodic inventory system and showed this information at December 31, 2020: Inventory – January 1 Purchases P220,000 420,000 800,000 74,000 215,000 Sales Sales returns Inventory - December 31 A mistake was made in taking the physical inventory and the inventory on January 1 should be P255,000. This mistake would result to gross profit being greater (lesser) by than what should be.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 12RE: Borys Companys periodic inventory at December 31, 2019, is understated by 10,000, but purchases are...
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