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Essay text:
Before the correction of the error in income statements for Uncle Bill’s Home Improvement Center, the combined net income for 2002 and 2003 is $ 68,500+ $32,900 = $101,400. Meanwhile, the combined net income for 2002 and 2003 after correction of the error is $ 45,000+ $56,400 = $101,400. In addition, net income in 2003 ($ 32,900) is lower than 2002 ($ 68,500) even though sales in 2003 ($541,200) is higher than 2002 ($ 523,600). Ending inventory is self counting so as long as the physical count is made properly in the second year. By properly excluding the goods held on consignment at the end of 2003, the error was collected and no further action was necessary in 2004...
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Common topics in this essay:
- inventory management
- Air Force Inventory Procedures
- Competency Inventory
- Effects Of Inventory Errors
- Inventory Management
- Inventory Valuation
- inventory models
- Just in time inventory
- Retail Inventory
- Interest Inventory
- Inventory of the lost
- Inventory
- Retail Inventory
- No-Nonsense Personality Inventory
- Inventory Policy
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