In the year 2016,the internal auditors of Goofy Co.discovered that goods costing $25 million that were purchased in December of 2015 were recorded for $20 million.The goods were properly measured in the December 31,2015,ending physical inventory.
Required:
Prepare the journal entry needed in 2016 to correct the error.Also,briefly describe any other measures Goofy would take in connection with correcting the error.(Ignore income taxes. )

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The Answer of In the year 2016,the internal auditors of Goofy Co.discovered that goods costing $25 million that were purchased in December of 2015 were recorded for $20 million.The goods were properly measured in the December 31,2015,ending physical inventory.
Required:
Prepare the journal entry needed in 2016 to correct the error.Also,briefly describe any other measures Goofy would take in connection with correcting the error.(Ignore income taxes. )

In the Year 2016,the Internal Auditors of Goofy Co