A wrong ending inventory count will affect the Balance Sheet and the Income Statement. Balance Sheet – Inventory Account, Retained Earnings (once Net Income is closed) Income Statement – COGS, Gross Profit, Net Income. If ending inventory is overstated, then COGS will be understated and vice versa. (NB: ending inventory & COGS have an inverse relationship) If the ending inventory is counted incorrectly one period, the error will be ‘corrected’ the next period, when the inventory is counted correctly. Mona Basset Fall 2013.
Purchased in finished form. Resold without transformation. Classified as Merchandise Inventory on balance sheet. LO1.
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