13 Feb REQUIRED Barnett Manufacturing uses the periodic m
REQUIRED Barnett Manufacturing uses the periodic method to account for its inventory of raw materials. A physical countwas completed on the afternoon of December 31, 20Y4. Determine whether the following transactions create any 20Y4 inventory related errors in the ?nancial statement elements below. Indicate the dollar value of any mm and whether the account is overstated (0), understated (U), or if the transaction has no effect on the account listed (NE). No carry fonlvard credit will be given for this problem. ALL BOXES MUST HAVE AN ANSWER. Transaction Net Purchases NP EndingInventory AIR SalesRevenue Not included in the physical inventory count is $13,420 ofmerchandise purchased on December 15. Thismerchandise was shipped f.o.b shipping point by thesupplier on December 29 and it arrived in January. Theinvoice arrived and was recorded on December 31. Included in the physical inventory count is merchandisethat was m on December 30, f.o.b destination. Thismerchandise was shipped after it was counted. Theinvoice was prepared and recorded as a sale on accountfor $12,800 on December 31. The merchandise cost$?,350 and was received by the buyer on January 3. Included in the physical inventory count is merchandisethat was m f.o.b. shipping point. The merchandise wasshipped on December 31 after it was counted. The invoicewas prepared and recorded as a sale for $18,900 onDecember 31. The cost of the merchandise was $10,520and was it received by the customer on January 5. Included in the physical inventory count was merchandise received on December 31 . The merchandise was purchased for $15,630 and was shipped f.o.b. destination by the supplier. The invoice, which has not yet arlived, has not yet been recorded. $10,438 of inventory was included in the physical inventory count. The merchandise was being held onconsignment for another company (Barnett was the consignee).
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