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Help Save & Exit Submit 8 2 of 4 Required information The following information applies to the questions displayed below) Luther has a bird shop that sells canaries. Luther maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024 Date Transactions January 1 Units Unit Cost Total cost Beginning inventory April 14 Purchase 43 $946 62 24 1.458 August 22 Purchase 112 26 October 29 Purchase 2,912 77 28 2,156 294 $7,502 January 1 to December 31 Sales (542 each) 264 Luther uses a periodic inventory system and believes there are 30 birds remaining in ending inventory. However, Luther neglects to make a final inventory count at the end of the year An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 20 birds in ending inventory, Luther is not aware of the lost canaries. 522 00:24 2. What amount would Luther calculate for ending inventory and cost of goods sold using Fifor he knew that only 20 canaries remain in endir ventory? Ending nventory Cost of goods sold Help Save 4 Exit 9 Required information The following information applies to the questions displayed below) Luther has a bird shop that sells canaries. Luther maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024 Date January 1 Transactions Beginning inventory Units Unit Cost Total cost April 14 43 522 Purchase 1946 August 22 24 Purchase 62 1.488 26 112 October 29 2,912 Purchase 77 28 2.156 294 37.502 January 1 to December 31 Sales (542 each) 264 Luther uses a periodic inventory system and believes there are 30 birds remaining in ending inventory. However, Lume neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 20 birds in ending inventory Luther is not aware of the lost canaries ts 00:24:20 3. What effect will the inventory entor have on reported amounts for ( ending inventory, Ob retained earnings. (c) cost of goods sold and (d) net income ignoring tax effects) in 2024? 2024 (a) Ending inventory () Retained earnings Col Cost of goods sold Net income Submit ! 10 Part 4 of 4 Required information The following information applies to the questions displayed below! Luther has a bird shop that sells canaries. Luther maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024 Date Transactions January 1 Units Unit Cost Beginning inventory Total Cost April 14 43 $22 1946 Purchase 62 24 August 22 Purchase 1,488 26 2,912 October 29 Purchase 77 28 2,156 294 $7,502 January 1 to December 31 Sales (542 each) Luther uses a periodic inventory system and believes there are 30 birds remaining in ending inventory. However Luther neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 20 birds in ending inventory Luthier is not aware of the lost canaries 5 its 112 00-2406 4. Assuming that ending inventory is correctly counted at the end of 2025, what effect will the inventory error in 2024 have on reported amounts for ending inventory. (b) retained earnings. (c) cost of goods sold, and (d) net income ignoring tax effects in 20257 2025 a) Ending inventory b) Retained earnings c) Cost of goods sold (d) Net income