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Ho Designs experienced the following events during Year 1, its first year of operation: ...

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Accounting

Ho Designs experienced the following events during Year 1, its first year of operation:

  1. Started the business when it acquired $94,000 cash from the issue of common stock.
  2. Paid $40,000 cash to purchase inventory.
  3. Sold inventory costing $23,200 for $46,000 cash.
  4. Physically counted inventory showing $16,500 inventory was on hand at the end of the accounting period.

The difference in book and the actual inventory ___________?

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