Inventory Errors
Haywood Inc. reported the following information for 2019:
A physical count of inventory at the end of the year showed that ending inventory was actually
$65,000.
Required:
1. What is the correct cost of goods sold and gross profit for 2019?
2. Assuming the error was not corrected, what is the effect on the balance sheet at December 31, 2019? At December 31, 2020?
Corporate Financial Accounting
Accounting Information Systems
Financial & Managerial Accounting
Principles of Macroeconomics (MindTap Course List)
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Foundations of Business (MindTap Course List)
Fundamentals Of Financial Management, Concise Edition (mindtap Course List)
Fundamentals of Financial Management (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Essentials of Business Communication (MindTap Course List)
Principles of Economics (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
Probability and Statistics for Engineering and the Sciences
Financial And Managerial Accounting
Principles of Information Systems (MindTap Course List)
Fundamentals of Information Systems
Principles of Information Security (MindTap Course List)
Database Systems: Design, Implementation, & Management
Database Systems: Design, Implementation, & Management
Fundamentals of Information Systems
A Guide to SQL
Mechanics of Materials (MindTap Course List)
Precision Machining Technology (MindTap Course List)
Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
Automotive Technology: A Systems Approach (MindTap Course List)
Principles of Information Systems (MindTap Course List)
Fundamentals of Geotechnical Engineering (MindTap Course List)
Systems Analysis and Design (Shelly Cashman Series) (MindTap Course List)
Management Of Information Security
Solid Waste Engineering
EBK ELECTRICAL WIRING RESIDENTIAL
Electric Motor Control
Principles of Geotechnical Engineering (MindTap Course List)
International Edition---engineering Mechanics: Statics, 4th Edition
Fundamentals of Chemical Engineering Thermodynamics (MindTap Course List)
Automotive Technology
Steel Design (Activate Learning with these NEW titles from Engineering!)
Enhanced Discovering Computers 2017 (Shelly Cashman Series) (MindTap Course List)
Structural Analysis
Network+ Guide to Networks (MindTap Course List)
College Accounting, Chapters 1-27
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Financial Accounting
Managerial Accounting: The Cornerstone of Business Decision-Making
Cornerstones of Cost Management (Cornerstones Series)
Survey of Accounting (Accounting I)
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Managerial Accounting
Financial & Managerial Accounting
Accounting Information Systems
Corporate Financial Accounting
Financial Accounting
Intermediate Accounting: Reporting And Analysis
Accounting (Text Only)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Microeconomics
Pkg Acc Infor Systems MS VISIO CD
Economics (MindTap Course List)
MACROECONOMICS FOR TODAY
Principles of Macroeconomics (MindTap Course List)
Principles of Microeconomics
Macroeconomics: Private and Public Choice (MindTap Course List)
Essentials of Economics (MindTap Course List)
MKTG 12:STUDENT ED.-TEXT
Micro Economics For Today
Economics For Today
Understanding Management (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
Exploring Economics
Fundamentals of Financial Management (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
Management, Loose-Leaf Version
Purchasing and Supply Chain Management
Practical Management Science