I need help identifying any errors and how to fix them for this Intermediate Accounting homework assignment.

ASSIGNMENT 08 A04 Intermediate Accounting I Directions: Be sure to make an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Refer to the "Assignment Format" page for specific format requirements. Part A (30 points) The Bravo Company manufactures a single product. On December 31, 2012 Bravo adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was determined to be $500,000. Inventory data for succeeding years are as follows: Year Ended December 31 2012 2013 2014 2015 Inventory at Respective Year-end Prices $500,000 527,000 635,000 645,000 Relevant Price Index (Base Year 2012) 1.00 1.08 1.15 1.21 Compute the inventory amount at December 31, 2013, 2014, and 2015 using the dollarvalue LIFO inventory method for each year. (Round all amounts to the nearest dollar, 10 points each) Dec 31, 2012 2012 Base Year 487,963 2013 Increase 2012 Price Layer Base Inventory LIFO Inventory Dollar Value 27,000 1.08 29,160 487,963 517,123 2014 Increase (635,000-527,000) 2014 Price Index Increase in Layer 2013 Layer Base Inventory LIFO Inventory Dollar Value 108,000 1.15 124,200 29,160 487,963 641,323 2015 Increase (645,000-635,000) 2015 Price Index Increase in Layer 2013 Layer 2014 Layer Base Inventory LIFO Inventory Dollar Value 10,000 1.21 12,100 29,160 124,200 487,963 653,423 Part B (40 points) Information from Hope Company's records for the year ended December 31, 2015 is available as follows: $2,800,000 Net sales Cost of goods manufactured: Variable $1,260,000 Fixed $630,000 Operating expenses: Variable $196,000 Fixed $240,000 Units manufactured 70,000 Units sold 60,000 Finished goods inventory, 1/1/2015 $0 Hope had no work-in-process inventories at either the beginning or end of 2015. a. What would be Hope's finished goods inventory cost under the variable (direct) costing method at December 31, 2015? (20 points) =Direct Material + Direct Labor + Variable Manufacturing Costs Variable Cost per Unit: Direct materials Direct Labor Variable manufacting overhead 18.00 2.8 24.8 b. What would Hope's operating income be under the absorption costing method? (20 points) Sales Less variable cost of goods sold: Opening Inventory Addt'l variable cost of goods manufactured Units Available for Sale Less Closing Inventory Gross Contribution Margin Less variable selling and admin expenses 2,800,000 0 1,260,000 1,260,000 1,260,000 1,540,000 196,000 Contribution Margin Less Fixed Expenses: Manufacturing Selling and admin 1,344,000 630,000 240,000 Net Operating Income 834,000 474,000 Net operating income under absorption costing: Net operating income if variable costing is used (loss) Fixed manufacturing overhead cost deferred in inventory 474,000 86,400 Net operating income if absorption costing is used 390,600 Part C (30 points, 10 each) Tool City, Inc. had 300 cordless screwdrivers on hand at January 1, 2015 costing $45 each. Purchases and sales of cordless screwdrivers during the month of January were as follows: Date Purchases Sales January 9 200 @ $75 January 14 100 @ $47 January 23 75 @ $76 January 25 100 @ $48 January 30 75 @ $77 Tool City does not maintain perpetual inventory records. According to a physical count, 150 cordless screwdrivers were on hand at January 31, 2015. a. What is the cost of the inventory at January 31, 2015 under the FIFO method? Cost of 100 units purchase on Jan. 25, 2015 100 x $48 = $4,800 Cost of 100 units purchased on Jan. 14, 2015 100 x $47 = $4,700 Cost of inventory Jan. 31, 2015 $9,500 b. What is the cost of the inventory at January 31, 2015 under the LIFO method? Units Available for Sale 300 + 100 + 100 = 500 Units Sold 200 + 75 + 75 = 350 Units in Ending Inventory 500 - 350 = 150 c. What is the cost of the inventory at January 31, 2015 under the FIFO method if only 145 cordless screwdrivers were on hand at the time of the physical count? Ending Inventory: 300 units x $45 = $13,500 Cost of Goods Sold: 200 units x $47 = $9,400 75 units x $46 = $3,450 75 units x $47 = $3,525 145 units x $47 = $6,815 Cost of Goods Sold $23,190