# 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

FindFindarrow_forward

### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

#### Solutions

Chapter
Section
FindFindarrow_forward

### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 10, Problem 13EA
Textbook Problem
1 views

## 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

To determine

Concept introduction:

Cost of goods manufactured

Cost of goods manufactured represents the cost of the units completed. It includes the direct as well as the indirect costs. The cost of goods manufactured is the current period cost and does not include the beginning inventory cost.

To indicate:

Effect of the missing inventory.

### Explanation of Solution

If any inventory item is missed while calculation of inventory, this doesn’t affect the Opening inventory.

If any inventory item is missed while calculation of inventory, it doesn’t affect the Purchases...

### Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

#### The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Find more solutions based on key concepts
Additional investments of capital during the month are not reported on the statement of owners equity.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

Explain the concept of vesting.

PAYROLL ACCT.,2019 ED.(LL)-TEXT

How does the deductibility of interest and dividends by the paying corporation affect the choice of financing (...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

List the four components of GDP. Give an example of each.

Brief Principles of Macroeconomics (MindTap Course List)

Why is it smart to remain cool when making a claim, and how should one go about it?

Essentials of Business Communication (MindTap Course List)