A company has the following transactions during March:
March 3 Purchases inventory on account for $3,500, terms 2/10, n/30.
March 5 Pays freight costs of $200 on inventory purchased on March 3.
March 6 Returns inventory with a cost of $500.
March 12 Pays the full amount due on March 3 purchase.
March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,000 on account.
Record all transactions, including the month-end adjustment to cost of goods sold, assuming the company uses a periodic inventory system and has no beginning inventory.
165. A company understated its ending inventory balance by $8,000 in 2015. What impact will this error have on cost of goods sold and gross profit in 2015 and 2016?
166. A company overstated its ending inventory balance by $6,000 in 2015. What impact will this error have on cost of goods sold and gross profit in 2015 and 2016?
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