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Inventory Adjustment--Correcting in subsequent periods
Hi There
I have the following scenario:
I am looking at an account where there are multiple issues with the inventory valuation:
- At go live, the incorrect stock on hand value (both quantity and $ value) was signed off by the accountant.
- As a result of 1., an attempt was made to 'receipt' stock that was missed in the original stock on hand upload. This was done through a series of inventory adjustments at $0 value
Most of the inventory is lot numbered.
They have not closed any accounting periods .
Their inventory is all average cost.
What would be the issues from adjusting the per unit $ value of the incorrect inventory adjustments (the ones done to receipt opening inventory stock post go live)?
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