Assume Irene values the inventory reported on its balance sheet and the amount recorded as cost of goods sold on its income statement on the basis of its physical inventory count that Irene performed on 12-31-11.Irene counts whatever is on its premises.Individuallydiscuss the effect (in dollarsanddirection, e.g., overstate, understate, no effect) thateachof the above items has on:

Irene's sales revenue for the year ended 12-31-11

Irene's cost of goods sold for the year ended 12-31-11

Irene's accounts receivable as of 12-31-11

Irene's inventory as of 12-31-11

Irene's accounts payable as of 12-31-11

Irene's stockholders' equity as of 12-31-11

32. (5 points) Irene uses a calendaryear accounting period and a periodic inventory system. Assume Irene had the following independent situations: 0 Situation 1. Goods shipped by Irene to a customer f.o.b. shipping point on 122811 were in transit at 123111. The goods cost $15,000. On 12-29-11, Irene recorded a credit sale of $24,000. 0 Situation 2. Goods shipped to Irene by a vendor f.o.b. shipping point on 12-28-11 were in transit at 12-31-11. The goods cost $10,000. On 010412, the day the goods arrived, Irene recorded a credit purchase of $10,000. 0 Situation 3. Goods shipped to Irene to a customer f.o.b. destination on 122911 were in transit at 123111. The goods % $12,000. On 123011, Irene recorded a credit sale of $20,000. 0 Situation 4. Goods shipped to Irene by a vendor f.o.b. destination on 123011 were in transit at 12311 1. The goods cost $8,000. On 12301 1, Irene recorded a credit purchase of $8,000. 0 Situation 5. Goods shipped by Irene to a customer f.o.b. shipping point on 12-29-11 were in transit at 12-31-11. The goods cost $20,000. On 01021 1, Irene billed the customer and recorded a credit sale of $38,000. Assume Irene values the inventory reported on its balance sheet and the amount recorded as cost of goods sold on its income statement on the basis of its physical inventory count that Irene performed on 12311 1. Irene counts whatever is on its premises. Individually discuss the effect (in dollars m direction, e. g., overstate, understate, no e'ect) that ea_ch of the above items has on: Irene's sales revenue for the year ended 12-311 1| Irene's cost of goods sold for the year ended 12-31-11 Irene's accounts receivable as of 123111 Irene's inventory as of 123111 Irene's accounts payable as of 12-31-11 Irene's stockholders' equity as of 12-31-11 I's COGS for Situation I's sales w year ended I's AR as of 1's inventory as I's AP as of 1's SE as of # 1 VVVVVV ended 12-31-11 123111 123111 of 123111 123111 123111