The following inventory information comes from the records of Hoboken Widget Company.
A physical inventory count revealed that the inventory was actually $75,000.If this error were not corrected,what effect would it have on the income statements for this fiscal year and the following fiscal year?

Question

The following inventory information comes from the records of Hoboken Widget Company.
  A physical inventory count revealed that the inventory was actually $75,000.If this error were not corrected,what effect would it have on the income statements for this fiscal year and the following fiscal year?

Quizplus · Accepted Answer

The Answer of The following inventory information comes from the records of Hoboken Widget Company.
  A physical inventory count revealed that the inventory was actually $75,000.If this error were not corrected,what effect would it have on the income statements for this fiscal year and the following fiscal year?

The Following Inventory Information Comes from the Records of Hoboken