Vieta,Inc.'s CFO discovered a program error in its inventory program in early 2018,when she was making year-end adjustments to the financial statements for 2017.The errors began in 2015.Below is a summary of the sales and cost of goods sold on income statement items for the three years:
Upon further analysis,the CFO determined that each of the years had ending inventory errors.The correct amounts for the years were: 2015,$231,000; 2016,$350,000; and 2017,$474,000.The amounts for 2015 beginning inventory and all purchases are correct as stated.
Required:
Definitions:
Projection
A defense mechanism in which an individual ascribes their own unwanted thoughts, feelings, or impulses onto someone else.
Racial Segregation
The enforced separation of different racial groups in daily life, such as in schools, housing, and public or shared spaces.
Psychoanalytic Theory
A theory developed by Freud that emphasizes unconscious psychological processes and contends that childhood experiences significantly influence adult personality.
Dreams
A series of thoughts, images, or emotions occurring during sleep.
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