At the close of its fiscal year on March 31, 2011, Gren Industries, Inc. was in the process of relocating its plant. This resulted in some confusion relating to the inventory cutoff, as indicated by the following:

Assuming that the company does not maintain a perpetual inventory system and that the books for the fiscal year have been closed, provide the necessary correcting entries. (Ignore income taxes.)

Question

At the close of its fiscal year on March 31, 2011, Gren Industries, Inc. was in the process of relocating its plant. This resulted in some confusion relating to the inventory cutoff, as indicated by the following:
  
Assuming that the company does not maintain a perpetual inventory system and that the books for the fiscal year have been closed, provide the necessary correcting entries. (Ignore income taxes.)

Quizplus · Accepted Answer

The Answer of At the close of its fiscal year on March 31, 2011, Gren Industries, Inc. was in the process of relocating its plant. This resulted in some confusion relating to the inventory cutoff, as indicated by the following:
  
Assuming that the company does not maintain a perpetual inventory system and that the books for the fiscal year have been closed, provide the necessary correcting entries. (Ignore income taxes.)

At the Close of Its Fiscal Year on March 31