Oriole Company understated its 2021 ending inventory by $30,300. Determine the impact this error has on ending inventory, cost of goods sold, and owner's equity in 2021 and 2022. Ending inventory Cost of goods sold Owner's equity Understated Overstated Understated v 2021 EA EA EA 00 No Effect No Effect < 2022 GA GA ta 00

Oriole Company understated its 2021 ending inventory by $30,300. Determine the impact this error has on ending inventory, cost of goods sold, and owner's equity in 2021 and 2022. Ending inventory Cost of goods sold Owner's equity Understated Overstated Understated v 2021 EA EA EA 00 No Effect No Effect < 2022 GA GA ta 00

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13EB: If a group of inventory items costing $3,200 had been double counted during the year-end inventory...

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Company Edgar reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 12,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?
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If a group of inventory items costing $15,000 had been omitted from the year-end inventory count, what impact would the error have on the following inventory calculations? Indicate the effect (and amount) as either (a) none, (b) understated $______, or (c) overstated $______. Table 10.1
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If a group of inventory items costing $3,200 had been double counted during the year-end inventory count, what impact would the error have on the following inventory calculations? Indicate the effect (and amount) as either (a) none, (b) understated $______, or (c) overstated $______. Table 10.2
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