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Effect of Errors in Physical Inventory Fonda Motorcyde Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical Inventory on December 31, 2011, Fonda incorrectly counted its inventory as $173,460 Instead of the correct amount of $166,520. Enter all amounts as positive numbers. a. State the effects of the error on the December 31, 2011, balance sheet of Fonda Motorcycle Shop Balance Sheet Items Overstated / Understated Amount Inventory Overstated Overstated Current Assets Total Assets Overstated Stockholders' Equity Overstated b. State the effects of the error on the income statement of Foda Motorcycle Shop for the year ended December 31, 2011, Income Statement Items Overstated / Understated Amount Cost of Goods Sold Understated Gross Profit Overstated Net Income Overstated c. If uncorrected, what would be the effects of the error on the 2012 income statement? Income Statement Items Understated / Overstated Amount Cost of Goods Sold Overstated indarts 275 12/13/2021 LM b. State the effects of the error on the income statement of Fonda Motorcycle Shop for the year ended December 31, 201. Income Statement Items Overstated / Understated Amount Cost of Goods Sold Understated Gross Profit Overstated Net Income Overstated c. If uncorrected, what would be the effects of the error on the 2012 income statement? Income Statement Items Understated / Overstated Amount Cost of Goods Sold Overstated Gross Profit Understated Net Income Understated d. If uncorrected, what would be the effects of the error on the December 31, 2012, balance sheet? 1. The December 31, 2012, balance sheet would be correct, since the 20Y1 inventory error reverses itself in 2012. 2. In the December 31, 2012, balance sheet, inventory would be understated. 3. In the December 31, 2012, balance sheet, inventory would be overstated. 4. In the December 31, 2012, balance sheet, retained earnings would be understated. Feedback My Work Instructions The inventory was destroyed by fire on December 31. The following data were obtained from the accounting records: Jan 1 $360 000 Jan, 1 to Dec 31 2,870.000 Inventory Purchases (net) Sales Estimated gross profit rate 4,470 000 30% A. Estimate the cost of the inventory destroyed. Refer to the Amount Description is provided for the exact wording of the answer choices for tea entries B. In which situations would the gross profit method be usetur? 27 10 > C. go Amount Descriptions Amount Descriptions Estimated cost of goods sold Estimated inventory, December 31 Estimated gross profit Merchandise available for sale Inventory, January 1 Purchases (net), January 1-December 31 Ratio of cost to retail price Sales, January 1-December 31 O BE L M A Estimate the cost of the inventory destroyed. Refer to the Amount Description is provided for the exact wording of the answer choices for test and Estimated cost of Merchandise Destroyed Scoret 35/61 Cost $360,000.00 Inventory, January 1 Purchases (net) January 1-December 31 2.870.000.00 + Merchandise available for sale Ratio of cost to retail price Estimated gross profit Estimated cost of goods sold Estimated inventory, December 31 31 AM 90 819 27" LM OG Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $5,400,000 Estimated gross profit rate 37% Beginning inventory $3,380,000 Purchases (net) 342,000 Merchandise available for sale $3,722,000 Estimated Cost of Ending Inventory Sales 5,400,000 X Estimated cost of goods sold 1.998,000 X 3.402.000X Estimated ending inventory Feedback Check My Work Inventory available for sale - estimated cost of goods sold - estimated cost of inventory, Recall that the estimated cost of goods