Solved: Reported by manager 74 completed for direct material 26, Accounting Basics

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Reported by manager 74 completed for direct material 26

Question - A company's manager's estimating for completion rate for ending WIP for Direct material and conversion are been overstated.

Reported by manager: 74% completed for Direct Material, 26% completed for conversion costs, Actually: 50% done with material and 5~6% done with conversion

Under the overstating issue,

What effect will the issue have on the company's financial statement?

What effects might the company have on the company's taxes?

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Accounting Basics: Reported by manager 74 completed for direct material 26

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Accounting Basics: Reported by manager 74 completed for direct material 26

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