Make sure that the sum of your COGS AND ET answers add up to 100% of your COGAS 21. (3 points) Ireneuses a calendar year accounting period and a periodic inventory system. Assume Irene had the following 1 . Independent situations Situation 1. Goods shipped to Irene by a vendor fob shipping point on 12-28-11 were in transit at 12-31-11. The goods cost $15.000. Os 12-29-11. Irene recorded a credit purchase of $15,000 Situation 2. Goods shipped by Irene to a customer fob destination on 12-29-11 were in transit at 12-31-11. The goods cost $5,000. On 12-29-11, Irene recorded a credit sale of $12,000 Situation 3. Goods shipped to Irene by a vendor fob destination on 12-30-11 were in transit at 12-31-11. The goods cost $8,000. On 12.30-11. Irene recorded a credit purchase of SL.000 Assume Irene values the inventory reported on its balance sheet and the amount recorded as cost of goods sold on its income statement on the basis of its physical inventory count that free performed on 12-31-11. Irene counts whatever is on its premises Individually discuss the effect in dollars and direction, esos, understate, no effect) that cach of the above items has on Irene's sales revenue for the year ended 12-31-11 Irene's cost of poods sold for the year ended 12-31-11 Irene's accounts receivable as of 12-31.11 Irene's inventory as of 12-31-11 Irene's accounts payable as of 12-31-11 Irene's stockholders' equity as of 12-31-11 Situation I sales for year ended 12-31-11 i's COGS for year ended 12-31-11 I'S AR as of 12-31-11 l'inventory as of 12-31-11 I'S AP as of 12-31-11 I'S SE as of 12-31-11 1 2 Ramemtech should have BOT Lamefest AND a.ament. Make sure that the sum of your COGS AND ET answers add up to 100% of your COGAS 21. (3 points) Ireneuses a calendar year accounting period and a periodic inventory system. Assume Irene had the following 1 . Independent situations Situation 1. Goods shipped to Irene by a vendor fob shipping point on 12-28-11 were in transit at 12-31-11. The goods cost $15.000. Os 12-29-11. Irene recorded a credit purchase of $15,000 Situation 2. Goods shipped by Irene to a customer fob destination on 12-29-11 were in transit at 12-31-11. The goods cost $5,000. On 12-29-11, Irene recorded a credit sale of $12,000 Situation 3. Goods shipped to Irene by a vendor fob destination on 12-30-11 were in transit at 12-31-11. The goods cost $8,000. On 12.30-11. Irene recorded a credit purchase of SL.000 Assume Irene values the inventory reported on its balance sheet and the amount recorded as cost of goods sold on its income statement on the basis of its physical inventory count that free performed on 12-31-11. Irene counts whatever is on its premises Individually discuss the effect in dollars and direction, esos, understate, no effect) that cach of the above items has on Irene's sales revenue for the year ended 12-31-11 Irene's cost of poods sold for the year ended 12-31-11 Irene's accounts receivable as of 12-31.11 Irene's inventory as of 12-31-11 Irene's accounts payable as of 12-31-11 Irene's stockholders' equity as of 12-31-11 Situation I sales for year ended 12-31-11 i's COGS for year ended 12-31-11 I'S AR as of 12-31-11 l'inventory as of 12-31-11 I'S AP as of 12-31-11 I'S SE as of 12-31-11 1 2 Ramemtech should have BOT Lamefest AND a.ament