6) Use the following to answer the question(s) below: Memphis Wholesale Market applies the lower of cost or net realizable valuation to individual products and has collected the following data: Product A $100 70 Selling price Cost Costs to sell Product B $125 75 Product C $80 70 Costs to sell 80 75 80 15 20 Determine the inventory book value for Products A, B, and C Use the following to answer the question(s) below: In the following questions, inventory errors are noted for 2021. Assume that the errors are not discovered until 2022, and that the company uses a periodic inventory system. Indicate the effect of the error, if any, on the accounts noted in the columns, using the following code: U=Understated; O=Overstated; NE = No effect | Cost of goods sold | Retained earnings Error Double counted items in ending inventory Cost of goods sold | Retained earnings Error Unrecorded purchases Error Cost of goods sold | Retained earnings Understated beginning inventory Cost of goods sold Retained earnings 10) Error The company ignored its purchase of inventory that was bought FOB shipping point and was in transit at year end