(10 points) Charlie uses a calendar-year accounting period and a periodic inventory system. Assume Charlie had the following independent situations:

Situation1. Goods shipped by Charlie to a customer f.o.b. shipping point on 12-28-11

were in transit at 12-31-11. The goods cost $15,000. On 12-29-11, Charlie

recorded a credit sale of $24,000.

Situation2.Goods shipped to Charlie by a vendor f.o.b. shipping point on 12-28-11

were in transit at 12-31-11. The goods cost $10,000. On 01-04-12, the day the

goods arrived, Charlie recorded a credit purchase of $10,000.

Situation3.Goods shipped to Charlie to a customer f.o.b. destination on 12-29-11

were in transit at 12-31-11. The goods cost $12,000. On 12-30-11, Charlie

recorded a credit sale of $20,000.

Situation4.Goods shipped to Charlie by a vendor f.o.b. destination on 12-30-11

were in transit at 12-31-11. The goods cost $8,000. On 12-30-11, Charlie

recorded a credit purchase of $8,000.

Situation5.Goods shipped by Charlie to a customer f.o.b. shipping point on

12-29-11 were in transit at 12-31-11. The goods cost $20,000. On 01-02-11, Charlie

billed the customer and recorded a credit sale of $38,000.

Because of the format error, the other half of the question will be presented as a picture(See the attachment.)

Assume Charlie values the inventory reported on its balance sheet and the amount recorded as cost of goods sold on its income statement on the basis of its physical inventory count that Charlie performed on 12-31-11. Charlie counts whatever is on its premises. Individually discuss the effect (in dollars and direction, e.g., overstate, understate, no effect) that each of the above items has on:+ Charlie's sales revenue for the year ended 12-31-11+ Charlie's cost of goods sold for the year ended 12-31-11+ Charlie's accounts receivable as of 12-31-11+ Charlie's inventory as of 12-31-11+ Charlie's accounts payable as of 12-31-11+ Charlie's stockholders' equity as of 12-31-11+ + C's COGS for + + Situations C's sales for year year ended+ C's AR as of ended 12-31-11+ C's inventory as C's AP as of 12-31-11+ 12-31-11+ C's SE as of of 12-31-11+ 1+ 12-31-11+ 12-31-11+ 47 47 2+7 47 47 47 47 47 47 + Remember, each box above should have BOTH an effect AND a $ amount.+