Calculate earned revenues Kirkland Theater sells season tickets for six events at a price of $240. In pricing the tickets, the planners assigned the leadoff event a value of S60 because the program was an expensive symphony orchestra. The last five events were priced equally; 1,800 season tickets were sold for the 2019 season. Required: a. Calculate the theater's earned revenue after the first three events have been presented. b. About 95% of the season ticket holders attended the first event. Subsequent events were attended by about 80% of the season ticket holders. To what extent, if any, should the attendance data impact revenue recognition? Explain your answer. Effects of inventory error Assume that the ending inventory of a merchandising firm is overstated by $30,000. Required: a. By how much and in what direction (overstated or understated) will the firm's cost of goods sold be misstated? b. If this error is not corrected, what effect will it have on the subsequent period's operating income? 6. If this error is not corrected, what effect will it have on the total operating income of the two periods (the period in which there is an error and the subsequent period) combined