Analyze results of physical count of Inventory and calculate cost of goods sold. (LO1,2,7,9)
Beard company uses a perpetual inventory system. The company’s accounting records showed the following related to June 2006 transactions.
| Units | Cost | ||
| Beginning inventory June 1 | 200 | $ 600 | |
| + | Purchasing in june | 1,700 | 5,100 |
| = | Goods available for sale | 1,900 | $5,700 |
| – | Cost of goods sold | 1,500 | 4,500 |
| = | Ending inventory June 30 | 400 | $1,200 |
On June 30, 2006, Beard conducted a physical count of its inventory and discovered there were only 375 units of inventory actually on hand.
Required
a. Using the information from the physical count, correct Beard’s cost of goods sold for June.
b. (Appendix A) How would this correction change the financial statements for the year?
c. What are some possible causes of the difference between the inventory amounts in Beard’s accounting records and the inventory amount from the physical count?
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