Hi!

Can you explain to me on how to get the answer to these problems? Your help is really appreciated!

QUESTION 6 "Waterway Industries uses the perpetual inventory and the gross method. On March 1, it purchased $70000 of inventory, terms 2/10, n/30. On March 3, Waterway returned goods that cost $7000. On March 9, Waterway paid the supplier. On March 9, Waterway should credit" . inventory for $1400. . inventory for $1260. purchase discounts for $1400. purchase discounts for $1260."Sheridan Inc. took a physical inventory at the end of the year and determined that $772000 of goods were on hand. In addition, Sheridan, Inc. determined that $57500 of goods that were in transit that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $85500 of goods out on consignment. What amount should Sheridan report as inventory at the end of the year?" "$772,000 " "$847,500 " . "$857,500 " (772,000 + 85,500) . 915,000"Vaughn Manufacturing had 510 units of Tank in its inventory at a cost of $3 each. It purchased, for $2770, 320 more units of Tank . Vaughn then sold 415 units at a selling price of $10 each, resulting in a gross profit of $2000. The cost flow assumption used by Vaughn" is LIFO. is weighted average. * cannot be determined from the information given. . is FIFO