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QUESTION
Inventory Ethics:Jason Tierro, an inventory clerk at Lexmar Company, is responsible for taking a physical count of the goods on hand at the end of...
- What is your opinion of Jason's reasoning? Why?
- If Jason underestimates the dollar amount of ending inventory, what effect will it have on net income for the current accounting period?
- Since the perpetual inventory system maintains an up-to-date balance in the general ledger account for Merchandise Inventory, is a physical inventory count still necessary? Why?
