Hello, I have a few problems I need help on. I attached them to this post. The book isIntermediate Accounting, 16th Edition, Kieso, 9781119170785.

Exercise 8-13 Presented below is information related to Blowfish radios for the Waterway Company for the month of July. Units In Date Transaction July 1 6 7 10 12 15 18 22 25 30 Balance Purchase Sale Sale Purchase Sale Purchase Sale Purchase Sale 200 1,600 Totals 4,200 Unit Cost Total $4.20 4.30 Units Sold Selling Price Total $ 840 6,880 800 4.60 3,680 600 4.70 2,820 1,000 4.68 4,680 $18,900 600 600 $6.80 7.10 $ 4,080 4,260 400 7.20 2,880 800 7.20 5,760 400 7.30 2,920 2,800 $19,900 Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) $ Weighted-average cost LINK TO TEXT Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (Round answers to 0 decimal places, e.g. 6,578.) (1) FIFO. (2) LIFO. (3) Weighted-average. (1) FIFO (2) LIFO $ Ending Inventory at July 31 LINK TO TEXT (3) Weighted-Average $ $ Which of the methods used above will yield the lowest figure for gross profit for the income statement? method will yield the lowest gross profit. LINK TO TEXT Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? method will yield the lowest ending inventory. ____________________________________ Exercise 8-15 The board of directors of Skysong Corporation is considering whether or not it should instruct the accounting department to shift from a firstin, first-out (FIFO) basis of pricing inventories to a last-in, first-out (LIFO) basis. The following information is available. Sales 21,000 units @ $63 Inventory, January 1 5,900 units @ 25 Purchases 5,400 units @ 28 10,100 units @ 31 6,400 units @ 38 6,800 units @ ? Inventory, December 31 Operating expenses $250,000 Prepare a condensed income statement for the year on both bases for comparative purposes. Skysong Corporation Condensed Income Statement For the year ended December 31 First-in, first-out Last-in, first-out $ : $ $ $ _________________________________ Exercise 8-22 Presented below is information related to Marigold Company. Ending Inventory (End-of-Year Prices) Date Price Index December 31, 2014 $ 81,300 100 December 31, 2015 237,090 210 December 31, 2016 234,720 240 December 31, 2017 264,680 260 December 31, 2018 318,920 280 December 31, 2019 381,640 290 Compute the ending inventory for Marigold Company for 2014 through 2019 using the dollar-value LIFO method. Ending Inventory $ 2014 $ 2015 $ 2016 $ 2017 $ 2018 $ 2019 ______________________________ Exercise 8-25 At December 31, 2016, Splish Corporation reported current assets of $404,180 and current liabilities of $212,800. The following items may have been recorded incorrectly. 1 . 2 . 3 . 4 Goods purchased costing $20,890 were shipped f.o.b. shipping point by a supplier on December 28. Splish received and recorded the invoice on December 29, 2016, but the goods were not included in Splish's physical count of inventory because they were not received until January 4, 2017. Goods purchased costing $16,200 were shipped f.o.b. destination by a supplier on December 26. Splish received and recorded the invoice on December 31, but the goods were not included in Splish's 2016 physical count of inventory because they were not received until January 2, 2017. Goods held on consignment from Claudia Kishi Company were included in Splish's December 31, 2016, physical count of inventory at $14,160. Freight-in of $2,900 was debited to advertising expense on December 28, 2016. . Compute the current ratio based on Splish's balance sheet. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio :1 LINK TO TEXT Recompute the current ratio after corrections are made. (Round ratio to 2 decimal places, e.g. 2.31:1.) The current ratio :1 LINK TO TEXT By what amount will income (before taxes) be adjusted up or down as a result of the corrections? Assume that goods are sold in item #4. Adjust Income $ __________________ Exercise 8-26 The net income per books of Monty Company was determined without knowledge of the errors indicated below. Year Net Income per Books Error in Ending Inventory 2012 $53,900 Overstated 2013 55,880 Overstated $ 2,930 9,050 2014 57,970 Understate d 10,220 2015 59,940 No error 2016 62,080 Understate d 1,820 2017 64,070 Overstated 7,610 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Year Net Income Per Books Overstatement Jan. 1 $ 2012 $53,900 2013 55,880 2014 57,970 Errors in Inventories Understatement Overstatement Jan. 1 Dec. 31 $ Understatement Dec. 31 $ Corrected Net Income $ 2015 59,940 2016 62,080 2017 64,070 $ \fAnswer Ex 8-13 Weighted average cost 4.50 1 FIFO 6,560 Ending Inventory at July 31 2 3 LIFO Weighted Average 6,000 6,300 LIFO method will yield lowest gross profit LIFO method will yield lowest ending inventory Ex 8-15 Sales Cost of goods sold Beginning Inventory Purchases Goods available for sale Ending Inventory Cost of goods sold Gross Profit Operating Expenses Operating Profits Skysong Corporation Condensed Income Statement For the year ended december 31 First In First Out 1,323,000 147,500 707,500 855,000 255,600 Ending Inventory 2014 2015 2016 2017 2018 2019 Ex 8-25 81,300 147,660 115,950 126,350 160,230 211,560 The current ratio 1.90 The current ratio 2.02 Adjust income 147,500 707,500 855,000 172,700 599,400 723,600 250,000 473,600 Ex 8-22 22,930 up Last In First Out Ex 8-26 Errors in inventory Net income Overstatement Ubderstateme per books Jan.1 nt jan.1 Year 2012 2013 2014 2015 2016 2017 53,900 55,880 57,970 59,940 62,080 64,070 353,840 2,930 9,050 10,220 1,820 hted Average Last In First Out 1,323,000 682,300 640,700 250,000 390,700 Workings base year inv 2014 2015 2016 2017 2018 2019 81,300 237,090 234,720 264,680 318,920 381,640 price index base yr cost increase9decrease) 100 81,300 210 112,900 31,600 240 97,800 (15,100) 260 101,800 4,000 280 113,900 12,100 290 131,600 17,700 Overstatement Understateme dec.31 nt Dec.31 2,930 9,050 10,220 1,820 7,610 Correct net Income 50,970 49,760 77,240 49,720 63,900 54,640 \fAnswer Ex 8-13 Weighted average cost 4.50 1 FIFO 6,560 Ending Inventory at July 31 2 3 LIFO Weighted Average 6,000 6,300 LIFO method will yield lowest gross profit LIFO method will yield lowest ending inventory Ex 8-15 Sales Cost of goods sold Beginning Inventory Purchases Goods available for sale Ending Inventory Cost of goods sold Gross Profit Operating Expenses Operating Profits Skysong Corporation Condensed Income Statement For the year ended december 31 First In First Out 1,323,000 147,500 707,500 855,000 255,600 Ending Inventory 2014 2015 2016 2017 2018 2019 Ex 8-25 81,300 147,660 115,950 126,350 160,230 211,560 The current ratio 1.90 The current ratio 2.02 Adjust income 147,500 707,500 855,000 172,700 599,400 723,600 250,000 473,600 Ex 8-22 22,930 up Last In First Out Ex 8-26 Errors in inventory Net income Overstatement Ubderstateme per books Jan.1 nt jan.1 Year 2012 2013 2014 2015 2016 2017 53,900 55,880 57,970 59,940 62,080 64,070 353,840 2,930 9,050 10,220 1,820 hted Average Last In First Out 1,323,000 682,300 640,700 250,000 390,700 Workings base year inv 2014 2015 2016 2017 2018 2019 81,300 237,090 234,720 264,680 318,920 381,640 price index base yr cost increase9decrease) 100 81,300 210 112,900 31,600 240 97,800 (15,100) 260 101,800 4,000 280 113,900 12,100 290 131,600 17,700 Overstatement Understateme dec.31 nt Dec.31 2,930 9,050 10,220 1,820 7,610 Correct net Income 50,970 49,760 77,240 49,720 63,900 54,640