1.Given the following information for an inventory item of the Sierra Corporation: Using the LCNRV Rule, the proper inventory amount for the balance sheet is:

Select one:

a. $318

b. $321

c. $312

d. $319

e. $323

2.

Doyle Company discovered in 2019 that the ending inventories reported on its financial statements were incorrect by the following amounts: 2017 $60 understated 2018 $75 overstated Indicate the error in 1/1/19 Retained Earnings:

Select one:

a. No Error

b. $75 Overstated

c. $75 Understated

d. $135 Overstated

e. $135 Understated

$318 $312 Cost Replacement Cost Estimated Sales Price Normal Profit Cost of Completion $360 $39