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could someone plz help me check my work 6. Wolffock loc. perforned its lower-or-cost-or, matket (LCM) araly sis at the end of the year wioh
could someone plz help me check my work
6. Wolffock loc. perforned its lower-or-cost-or, matket (LCM) araly sis at the end of the year wioh the following results for two or its producte Which product(s), if any, should be written down at the end of the year? A. Only Product A should be writien down B. Only Rroduct 1 should he writien down C. Both Product A and Product B should be writen down (D. Neither Product A nor Product B should be written downs 7. Gn 12/31/2023, Betts Comperentated a purchase of imventory on accoust. Pather than recording the inventory purchase for $100,000. it recotded the amount as 5140,000 in both the "Invemiory" and "Accounts Payable" accounts. Befs Cofp. Wist not priy lor this inventory until early in 2024 Betts's cost of ending inventory per its physical imventory count at the end of 2023 was correctly stated. As a result of this inventory purchase ertor, how is Bets's net incomve affected for 2023? A. Understated by $40,000. (B) Overstated by $40,000 C. Overstated by $140,000. D. Understated by $140,000. E. Owerstated by $100,000, F. Linderstated by $100,000 8. Nelson Corp. 's beginning invertory on I/1:23 was overstated by $50.000. In addition, during 2023. Nelson, understated the cast of its net purchases by $100,000. The cost of ending inventory on 12/31/23 is correctly stated. Before any adjustments for the above errot items. Nelson's net income on its 2023 income statement. was $5,000,000. Assuming Nelson corrects these errors, what shoukd Nelson report as its corrected net incone for 2023 ? Ignore income tax effects. (A. $4,950,000 B. 55,000,000 C. $4,900,000 D. 55,050,000 E $5,150,000Step by Step Solution
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