On December 31 of the current year. Plunkett Company reported an ending inventory balance of $215,000. The following additional informations so available Plunkett old and shipped goods conting $30,000 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $215,000 . Plunkett purchased goods conting 344,000 on December 29. The goods were shipped FOB destination and were received by Punkt on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $215,000 Plunkett's ending inventory balance of $215,000 included $15,000 inventory owned by Carole Company that was on consignment in Plunket's facility . Plunket's ending inventory balance of $215,000 did not include goods conting $85,000 that were shipped to Plunkett on December 27 with shipping terms of FOB shipping point and we still in tranet at your end. Based on the above information, the amount that Plunkett should reportin ending inventory on December 31 O A $194,000 OB. $200,000 OG 5.200.000 OD 5251,000 Click to select your answer This Question: 2 pts 13 of 29 (3 complete) In Year 1 ending inventory was understated by $900. In the following year ending inventory was understated by S400. What is the effect of inventory errors on net income in Year 2? A. Net Income will be overstated by $500 B. Net Income will be understated by $400 c. Net Income will be overstated by $400 OD. Net Income will be understated by $1,300 A company that uses the perpetua inventory system purchased 50 pallets of stone for $11.000 and paid $800 for the in. The company of the whole lotto supermarket chain for $12.000 urt. The company was the specific-identification method of inventory conting. Which of the following is correctly records the cost of goods sok? O A Cost of Goods Sold 11.000 Sales Revenue OB. Merchandise rentory 11.800 Cont of Good Sold 11.800 OC. Cost of Goods Sold 11.800 Merchandise Inventory 11.00 OD. Cost of Goods Sold 11.000 Merchandise Inventory