Financial Accounting: Business Process Approach
3rd Edition
ISBN: 9780136115274
Author: Jane L. Reimers
Publisher: Prentice Hall
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Textbook Question
Chapter 5A, Problem 5PA
Matrix Company uses a periodic, weighted average inventory system. The company’s accounting records showed the following related to November 2010 transactions:
On November 30, 2010, Matrix conducted a physical count of its inventory and discovered there were only 300 units of inventory actually on hand.
Requirements
- 1. Using the information from the physical count, correct the company’s cost of goods sold for November.
- 2. How would this correction change the financial statements for this month?
- 3. What are some possible causes of the difference between the inventory amounts in the accounting records and the inventory amount from the physical count?
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Chapter 5A Solutions
Financial Accounting: Business Process Approach
Ch. 5A - Berry Corporation miscounted the ending inventory...Ch. 5A - How would each of the following inventory errors...Ch. 5A - How would each of the following inventory errors...Ch. 5A - Ians Small Appliances reported cost of goods sold...Ch. 5A - Tire Pro Companys records reported the following...Ch. 5A - Matrix Company uses a periodic, weighted average...Ch. 5A - Paiges Office Paper Company uses a perpetual...
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