Exercise 6-7 Ripken Company's ending inventory includes the following items. Compute the lower of cost and net Lower of cost and net realizable realizable value for ending inventory applied separately to each product value Per Unit P2 Product Units Cost NRV 22 $50 $54 Helmets Bats Shoes 36 95 40 36 36 91 Check Lower of cost and NRV $6.896 Company had $900,000 of sales in each of three consecutive years 2014-2016, and it purcha Exercise 6-8 Analysis of inventory errors A2 Ringo merchandise costing $500,000 in each of those yea rs. It also maintained a $200,000 physical inventory beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of year 2014 that caused its year-end 2014 inventory to a than the correct $200,000. ppear on its statements as $180,000 rather correct amount of the company's gross profit in each of the years 2014-2016. 1. Determine the Check 2014 reported gross profit. $380,000 omparative income statements as in Exhibit 6.9 to show the effect of this error on the company y's cost of goods sold and gross profit for each of the years 2014-2016. Exercise 6-9 Use the following information for Ryder Co. to compute inventory turnover for 2015 and 2014 and its PROBLEM SET A Item Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Problem 6-1A Alternative cost Units Sold at Retail Units Acquired at Cost 50 units $50/unit Date Mar S Purchase Mar. 9 Sales units $55/unit VCR 200 210 units @ $85/unit 60 units @ $60/unit 100 units $62/unit Mar. 25 Purchase. Mar 29 Sales CD/ Totals 410 units 290 units Required 1. Compute 2. Compute the number of units in ending inventory Required 1. Calculate 2. If the NR cost of goods available for sale and the number of units available for sale. 3 Ending Inventory FiFO. 3. Compute 57400 WAC $7176 the cost assigned to ending inventory using (a) FIFO, (b) weighted average cost, and (c) specific as Check G NRV adju identification. (Round per unit costs to three decimals, but inventory balances to the dollar.) For specific identification, the March March 5 purchase; the March 29 sale consisted of 20 units from the March 18 purchase and 60 units frone the March 25 purchase. 9 sale consisted of 40 units from beginning inventory and 170 units from the Doubletree Co gross profit earned by the company for each of the three costing methods in part 3. making physi is understated 4. Compute