Use the Chart Provided Below to Determine the Impact If

question 76

Essay

Use the chart provided below to determine the impact if a company forgets to include $3,500 of inventory that was shipped FOB shipping point on December 25, 2020 but was still in transit at year end. The purchase invoice was processed in fiscal 2021.
$$\begin{array} { | l | l | l | } \hline \text { Goods included in inventory count } & \\\hline \text { Purchases recorded during the year } &\\\hline & 2020 & 2021 \\\hline \text { Beginning inventory } & & \\\hline + \text { Purchases } & & \\\hline \text { -Ending inventory } & & \\\hline \text { =Cost of goods sold } & & \\\hline & & \\\hline \text {Operating expense } & - &-\\\hline \text { Net income } & &\\\hline & & \\\hline \text { Assets } & & \\\hline \text { Liabilities } & & \\\hline \text { Equity } & &\\\hline\end{array}$$

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Definitions:

Big Five

A model that outlines five broad dimensions of personality: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Extraversion

A personality trait characterized by outgoingness, high energy, and sociability, often contrasting with introversion.

Agreeableness

A personality trait characterized by kindness, cooperativeness, warmth, and consideration of others.

Vulnerable Narcissism

A form of narcissism where individuals may display sensitivity to criticism, insecurity, and a fragile self-esteem, in contrast to the grandiosity seen in overt narcissism.