Use the Chart Provided Below to Determine the Impact If

question 66

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 15, 2020 but was still in transit at year end. The purchase invoice was received before year end and appropriately included in the purchases and accounts payable.
$$\begin{array} { | l | l | l | } \hline \text { Goods included in inventory count } & \\\hline \text { Purchases recorded during the year } &\\\hline & 2020 & 2021 \\\hline \text { Beginning inventory } & & \\\hline + \text { Purchases } & & \\\hline \text { -Ending inventory } & & \\\hline \text { =Cost of goods sold } & & \\\hline & & \\\hline \text {Operating expense } &\text{NA} &\text{NA} \\\hline \text { Net income } & &\\\hline & & \\\hline \text { Assets } & & \\\hline \text { Liabilities } & & \\\hline \text { Equity } & &\\\hline\end{array}$$

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Definitions:

None Button

A graphical user interface element that allows the user to select no option or to deselect a previously selected option.

Animation Gallery

A collection of pre-designed animations that can be applied to objects or elements in software applications to make them more dynamic.

Alt Text

Short for "alternative text," a description of an image or non-textual element in digital content, used to provide context for visually impaired users.

Screen Reader

Assistive technology software that reads the text displayed on a computer screen aloud to users, often used by people who are blind or have visual impairments.