A company reported the net income of $58,000 for the year ending 2018. However, it was discovered that the opening inventory was overstated by $9,000 and the ending inventory is understated by S11,000. Compute the corrected net income. a. $60,000 b. $78,000 c. $56,000 d. $47,000 ABC company started its operations this year and began with no inventory on hand. It provided the following details of the purchases made during the month of January: Units Unit price Date 1-Jan 15-Jan 28-Jan 300 450 750 $7 $8 $9 The company uses FIFO method to value its inventory. At the end of the month, the ending inventory on hand is 900 units. Assuming the periodic inventory system, compute the cost of goods available for sale a. $12,450 b. $12,750 c. $12,000 d. $12,900 ABC company started its operations this year and began with no inventory on hand. It provided the following details of the purchases made during the month of January: Units Unit price Date 1-Jan 15-Jan 28-Jan 300 450 750 $7 $8 $9 The company uses weighted-average method of inventory valuation to value its inventory At the end of the month, the ending inventory on hand is 900 units. Assuming the periodic inventory system, compute the value of the ending inventory for the month a. $7,650 b. $7,470 c. $7,830 d. $6,570