A Company Using a Periodic Inventory System Neglected to Record

question 26

Short Answer

A company using a periodic inventory system neglected to record a purchase of merchandise on account at year-end.This merchandise was omitted from the year-end physical count.How will these errors affect inventory at year-end and cost of goods sold for the year?

---

Definitions:

High-Performing Teams

Groups that exhibit a high level of collaboration and innovation, and consistently achieve superior results.

Unison

involves acting or speaking simultaneously or in agreement, exhibiting a unified or harmonious conformity.

Happenstance

An event or occurrence that happens by chance, without apparent cause.

Nominal Group Session

A structured form of group meeting aiming to generate ideas or make decisions, where each member participates equally.