Question

after conducting your end of period physical inventory count, you realize that for several customer orders, the transfer of legal title to the goods in transit was not properly recognized. this situation is an example of an inventory error that will

Answer 1

This situation is an example of an inventory error that will Errors affect both the income statement and balance sheet.

What is inventory error?

Any of the following could lead to an inventory error: Leaving out some items when physically counting inventory. During a physical inventory, some objects should be double counted. clerical mistakes when multiplying or adding inventory information.

Inventory mistakes can result in an inaccurate ending inventory balance, which has an impact on the cost of goods sold and profitability.

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