37. Inventory records for TAR Company revealed the following: Date Mar. 1 Mar. 6 Mar. 16 Mar. 23 Transaction Beginning inventory Purchase Purchase Purchase Number of Units 75 325 400 300 Unit Cost $51.15 $51.30 $52.00 $52.00 TAR sold 1,050 units of inventory during the month. Ending inventory assuming FIFO would be $ 38. Inventory records for STC Company revealed the following: Total Cost Date Mar. 1 Mar. 13 Transaction Beginning inventory Purchase Number of Units 100 900 1,000 Unit Cost $32.50 $33.00 $3,250.00 29,700.00 $32,950.00 STC sold 980 units. Ending inventory assuming Weighted Average would be $ Use the following to answer questions 39-40 MATCH... For each of the following independent situations, fill in the blanks to indicate the effect of the error on each of the various financial statement items. Assume that each of the companies uses a periodic inventory system. Indicate: (A) an understatement (B) an overstatement or (C) no effect, correct Error Balance Sheet Income Statement Ending Retained Cost of Net Income Inventory Earnings Goods Sold b. d. b. d. a. C. 39. Understated El in year 1, affect on items in year 1. 40. Understated El in year 1, affect on items in year 2. a. C