Companies adopt different cost flow methods for each of the following reasons except income statements effects. balance sheet effects. revenue effects. tax effects. Sheridan has the following inventory information. Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis? $6484$4136$3940$8496 Vaughn Company had beginning inventory of $22000, ending inventory of $158000, cost of goods sold of $525600, and sales of $940000. Vaughn's days in inventory is: 62.5 days. 15.3 days. 109.7 days. 34.9 days. A company uses the periodic inventory method and the beginning inventory is overstated by $9,000 because the ending inventory in the previous period was overstated by $9,000. The amounts reflected in the current end of the period balance sheet are Assets Owners Equity Overstated Correct Understated Understated Overstated Overstated Correct Correct Waterway Department Store estimates inventory by using the retail inventory method. The following information was developed: The estimated cost of the ending inventory is $380520. $223480. $362520. $390520. A company purchased inventory as follows: 220 units at $4 330 units at $7 The weighted-average unit cost for inventory is $5.80. $7.00. $4.50. $4.00. At May 1, 2020, Bonita Company had beginning inventory consisting of 170 units with a unit cost of $5.60. During May, the company purchased inventory as follows: 850 units at $5.60 580 units at $8.00 The company sold 1110 units during the month for $11 per unit. Bonita uses the average-cost method. The average-cost per unit for May is $7.600. $6.470. $5.600. $6.600. Coronado Bookstore had 470 units on hand at January 1 , costing $8 each. Purchases and sales during the month of January were as follows: Coronado does not maintain perpetual inventory records. According to a physical count, 360 units were on hand at January 31. The cost of the inventory at January 31 , under the FIFO method is: $2880. $3650. $3490. $3880