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In the year 2016, the internal auditors of Goofy Co. discovered that goods costing $25...

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Accounting

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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