Capwell Corporation uses a periodic inventory system, The company's ending inventory on December 31, 2024, its fiscal-year end, based on a physical count, was determined to be $339,000. Capweli's unadjusted trial balance aiso showed the following account balances: Purchases, $750,000; Accounts payable; $275,000; Accounts recelvable, $290,000; Sales revenue, $930,000. The intemal audit department discovered the following items: 1. Goods valued at $45.000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase. 2. Purchases from Xavier Corporation were incorrectly recorded at $65,000 instead of the correct amount of $56,000. The correct amount was included in the ending inventory. 3. Goods that cost $38.000 were shipped from a vendor on December 28,2024 , terms FOB destination. The merchandise arrived on January 3,2025. The purchase and related accounts payable were recorded in 2024. 4. One inventory item was incorrectly included in encing inventory as 230 units, instead of the correct amount of 1,650 units. This tem cost $30 per unit. 5. The 2023 balance sheet reported inventory of $482.000. The internol ouditors discovered that a mathematical error caused this inventory to be understated by $75,000. This amount is considered to be material. Comparative financial statements wil be issued. 6. Goods shipped to a customer FOB destination on December 25, 2024, were recelved by the customer on January 4, 2025. The sales price was $53,000, and the merchandise cost $28,500. The sole and corresponding occounts receivable were recorded in 2024 7. Goods shipped from a vendor FOB shipping point on December 27, 2024, were recelved on January 3, 2025. The merchandise cost $31,000. The purchase was not recorded unt 2025 Required: 1. Determine the cortect omounts for 2024 purchoses, accounts poyable soles revenue and accounts recelvable 2. Colculate ending inventory and cost of goods sold for 2024 3. What was the effect of the error in ending inventory on 2023 betore-tox income? Complete this question by entering your answers in the tabs below. equlred: 1. Determine the correct amounts for 2024 purchases, accounts payable, sales revenue, and accounts recelvable. 2. Calculate ending inventory and cost of goods sold for 2024 3. What was the effect of the error in ending inventory on 2023 before-tax Income? Complete this question by entering your answers in the tabs below. Determine the correct amounts for 2024 ending inventory, purchases, accounts payable, accounts receivable, sales revenue. and cost of goods sold. Required: 1. Determine the correct amounts for 2024 purchases, accounts payable, sales revenue, and accounts recelvable. 2. Calculate ending inventory and cost of goods sold for 2024. 3. What was the effect of the error in ending inventory on 2023 before-tax Income? Complete this question by entering your answers in the tabs below. What was the effect of the error in ending inventory on 2023 before-tax income
