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Please answer onlu this one (question 5)

Homework: HW Ch 5 MAL: All Group A Problems Save Score: 0 of 1 pt 5 of 8 (0 completa) HW Score: 0% 0 of 8 pts P5-44A (book/static) Question Help 0 Because of a nationwide recession Liquidation inverse, Inc.'s merchandise inventory is gathering out it is now November 30, 2018 and the $162.750 that Liquidation Universo. In paid for sending Inventory is $3.125 higher than the current replacement cont. Before any adjustments at to end of the period. Liquidation Universe, Ino's Cost of goods sold account has a balance of 5671400 Liquidation Universe, Inc., uses the lower of cost or market to value its ending inventory Read the requirements Requirement 1. What amount should Liquidation Universo Inc, report for invertory on the balance sheet According to the lower-of-cost-or-market role, the company should report inventory on the balance sheet ats Requirements 1. What amount should Liquidation Universe, ne report for inventory on the balance sheet? 2. What amount should Liquidation Unworse, the port for cost of goods sold 3. Journal any required entries Print Done Build Right Supply Co., shows the following financial statement data for 2016, 2017 and 2018 Beforeissuing the 2018 statements, auditors found the ending invertory for 2016 in understated by 51.000 and that the ending inventory for 2018 was overstated by $3.000. The ending inventory at December 31, 2017, was come Click the icon to view the fnancial statement data) Read the contements Requirement 1. State whether each year's net income before corrections is understated or overstated, and indicate the amount of the understatement or overstatement Year Prior to correction not come was 2016 2017 2018 5 of 8 (1 complete) Score: 0 of 1 pt P5-44A (book/static) HW Score: 10.73%, 0.86 of 8 pts Question Help Because of a nationwide recession, Liquidation Universe, Inc.'s merchandise inventory is gathering dust. It is now November 30, 2018, and the $162.750 that Liquidation Universe, Inc., paid for its ending inventory is $3,125 higher than the current replacement cost. Before any adjustments at the end of the period, Liquidation Universe, Inc.'s Cost of goods sold account has a balance of S671,400 Liquidation Universe, Inc., uses the lower of cost or market to value its ending inventory Read the requirements Requirement 1. What amount should Liquidation Universe, Inc., report for inventory on the balance shoot? According to the lower-of-cost-or-market rule, the company should report inventory on the balance sheet at $ Requirements 1. What amount should Liquidation Universe, Inc., report for inventory on the balance sheet? 2. What amount should Liquidation Universe, Inc., report for cost of goods sold? 3. Journalize any required entries Print Done