20,5 Acct 200: Chapter 6 Weekly Worksheet Remember to complete this worksheet after dass as there will be questions on the Ch 6 Lecture Guit from this document. 1) King Electronics has the following merchandise (inventory) information: Merchandise Cost Market Laptop Computers $39,000 $37.000 Desktop Computers $24.000 $28,000 These assets should be valued on King Electronics' balance sheet at what amounts? a. Laptop Computers: S b. Desktop Computers: 5 2) Tulip Co. completed its inventory count calculating a total inventory value of $280,000. Given the information listed below regarding possible necessary adjustments, what is the corrected inventory? Tulip Co. did not include in its inventory count purchased goods of $24,000 which were in transit (terms: FOB shipping point). Tulip Co. included goods in its inventory count that are goods held on consignment for Rose Co., costing $21,000. Tulip Co. did not include in its inventory count goods that had been sold with a cost of $22,000 which were in transit (terms: FOB shipping point). a. What is Tulip Company's corrected inventory value (show work)? 3) If costs are rising, then (Fill in with greater or less than): a. FIFO COGS is LIFO COGS. b. FIFO ending inventory is LIFO ending inventory c. Net Income for a company using FIFO will be a company that uses LIFO 4) If ending inventory is overstated (Fill in with overstated, understated, or not impacted): a. COGS is b. Revenue is c. Expenses are d. Net Income is e. Ending Retained Earnings are f. Assets are g. Liabilities are h Stockholder's Equity is ndered lar screen-viewer-ondered-pet-log height7070 Page 11