Use the chart provided below to determine the impact of a company processing a $3,500 purchase invoice in fiscal 2021 for a purchase made near its fiscal 2020 year end. The goods were appropriately included in the year end inventory count.
$$\begin{array} { | l | l | l | }
\hline \text { Goods included in inventory count } & \
\hline \text { Purchases recorded during the year } &\
\hline & 2020 & 2021 \
\hline \text { Beginning inventory } & & \
\hline + \text { Purchases } & & \
\hline \text { -Ending inventory } & & \
\hline \text { =Cost of goods sold } & & \
\hline & & \
\hline \text {Operating expense } &\text{NA} &\text{NA} \
\hline \text { Net income } & &\
\hline & & \
\hline \text { Assets } & & \
\hline \text { Liabilities } & & \
\hline \text { Equity } & &\
\hline
\end{array}$$

Question

Use the chart provided below to determine the impact of a company processing a $3,500 purchase invoice in fiscal 2021 for a purchase made near its fiscal 2020 year end. The goods were appropriately included in the year end inventory count.
 $$\begin{array} { | l | l | l | } 
\hline \text { Goods included in inventory count } & \
\hline \text { Purchases recorded during the year } &\
\hline & 2020 & 2021 \
\hline \text { Beginning inventory } & & \
\hline + \text { Purchases } &  & \
\hline \text { -Ending inventory } & & \
\hline  \text { =Cost of goods sold } &  &  \
\hline & & \
\hline \text {Operating expense } &\text{NA}  &\text{NA}  \
\hline \text { Net income } &  &\
\hline & & \
\hline \text { Assets } &  &  \
\hline \text { Liabilities } & &  \
\hline \text { Equity } &  &\
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Use the chart provided below to determine the impact of a company processing a $3,500 purchase invoice in fiscal 2021 for a purchase made near its fiscal 2020 year end. The goods were appropriately included in the year end inventory count.
 $$\begin{array} { | l | l | l | } 
\hline \text { Goods included in inventory count } & \
\hline \text { Purchases recorded during the year } &\
\hline & 2020 & 2021 \
\hline \text { Beginning inventory } & & \
\hline + \text { Purchases } &  & \
\hline \text { -Ending inventory } & & \
\hline  \text { =Cost of goods sold } &  &  \
\hline & & \
\hline \text {Operating expense } &\text{NA}  &\text{NA}  \
\hline \text { Net income } &  &\
\hline & & \
\hline \text { Assets } &  &  \
\hline \text { Liabilities } & &  \
\hline \text { Equity } &  &\
\hline
\end{array}$$

Use the Chart Provided Below to Determine the Impact of a Company