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Question 12 Question 1 points Sherrell Co. reported net income of $50,000 for 2017. During 2018, the company discovered that the ending inventory for 2016 and 2017 were both understated by 58.000 and $6,000, respectively. If Sherrell subsequently reports its 2017 results, corrected net income for 2017 should be what amount? A $64,000 OR $56,000 OC $48.000 OD $36.000 Moving to another guestion whispanse Oto Mowing to another with some Question 2 Foley Merchandises physical count of inventory on December 31, 2020 was $150,000. The terms below have not yet been considered or counted 1. 330.000 in merchandise purchased FOB shipping point December 31 expected to arrive January 5, 2021 2. $66,000 in merchandise sold to customers FOB destination December 23 expected to iejaury 21, 2021 3. 515,000 in goods held on consignment from Barry Rest What amount of Inventory should be reported by Foley on to December 31, 2020 balance sheet? A $195.000 OR $180,000 O $230,000 05245.000 Moving to another union will save the Oro Question Weston Manufacturing's physical inventory account on December 31, 2020 was $150,000 in discussing the inventory with the warehouse supervisor you leam that matricated panels costing $26.000 with a sales invoice price of $42.000 were shipped to a customer FOB destination on December 26, 2020 The customer roved the delivery on January 2. 2021 and Weston issued a sales invoice for $42.000 on that date. What is the correct amount of ending Inventory to report on the December 21, 2020 balance sheet? A 5166.000 O $150.000 OC 5218.000 OD 5176.000 Mon to another question wise this response Question 4 In 2020, Freeze Company's ending inventory was understated 50,000. The error was not corrected. What is the effect of the unat on the following pairing of cost of goods sold and net income in 2020? OA Cost of goods sold 2020 Net Income 2020 No effect No effect Cost of goods sold 2020 Net Income 2020 Oversated 50.000 Overstated 50.000 Cost of goods 2020 Net income 2020 Understated $9.000 Overstated 50,000 D Con of goods sold 2020 Netcom 2020 Overstated 597000 Understand 39.000 O Cost of goods sold 2020 Net income2020 Understated 39.000 Understated $9.000 Motherwise Questions Using the data set below for Brackton Company, what is the cost of the ending Inventory on January 31, 2020 FIFO periodicis sed? Dain Columni 1Jan Purchase 10 Jan Purchase 16 Purchase 20 Jan Sale 20 Jan Purchase Units 400 450 600 950 too DA 325.000 566250 DC141.250 10.500 Montero Question Using the data set below relating to the periodic Inventory system how much is cost of goods sold for Ari Anton respecto fow method is assumed Date Amunt 1.Apr Beginning inventory 40,000 2 Apr Sison scout 10.000 Aprinventory purchases 2/30 30 26.000 10. Arinventary ons 40000 16 Apr Freight paid 1,000 25 Anventory paid for an scopurchase 15.000 30-Apr Actual inventory count 25.000 DA 3105.000 D#51700 OC 55.000 - $31.700 on wave this response Question 7 Using the data set below for Braun Company, what is the cost of goods sold for January 2020 ILFO perpetual is used? Date Event 1-Jan Beginning inventory Jan Purchase 12-Jan Sales (sold for $10 each 15 Jan Purchase Quantity Cost 2.000 1.2005 1.300 800S GA 51,200 O. 54,200 $5,400 54,600 Moving to another question will save this response Questions Using the data set below for Owen Company, what is the cost of the ending Inventory on January 31, 2020 if average cost periodicis used? Event Units Cost 1-Jan Purchase 100 San Purchase 15 Jan Purchase 100 16-Jan Sale 100 22-Jan Purchase 200 Date 200 A $567 51.400 9,400 $2833 Moving to another question will save this response On Question 9 In 2019. Figero Manufacturing's ending inventory was overstated $15,000. The error was not detected unti 2021. What is the effect of the error on the following pairings of cost of points goods sold for 2020 and retained earnings on December 31, 2020? OA Cost of goods sold 2020 Retained earnings December 31, 2020 Overstated $15.000 Understated $15,000 Cost of goods sold 2020 Retained earnings December 31, 2020 Understated $15,000 Overstated $15,000 oc Cost of goods sold 2020 Retained earnings December 31 2020 Overstated $15.000 Overstated $15,000 00 Cost of goods sold 2020 Retained comings December 31, 2020 Understated $15,000 Understated $15,000 OL Cost of goods sold 2020 Retained earrings December 31, 2020 Overitated $15,000 No effect Cost of goods sold 2020 Retained earings December 31 2020 Question 10 pins b Using the data set below relating to a perpetual inventory system, what entries are made on April 2 and April 10? No specific cost fow method is assumed Date Event Amount 1-Apr Beginning inventory 1,000 2-Apr Sales on account cost 8,000) 12,000 6-Apr inventory purchases 2/10, W30 8,000 10-Apr inventory returns 1,000 12-Apr Freight paid 600 13.Apr Payments on account 2.500 30-Apr Actual inventory count 2.500 Debit Credit 412 Accounts receivable 12000 Sales 12.000 Cost of goods sold 8.000 Inventory 8,000 4710 Accounts payable 1.000 Inventory O Debit Credit 412 Accounts receivable 12.000 Saies 12.000 4/10 Accounts payable 1,000 Purchases 1,000 Debe Credit Accounts receivable Sales 12.000 4/10 Accounts payable 1.000 1000 Inventory Debit Credit 412 Accounts receivable 12.000 1000 17.000 D Question 11 3 out of 3 points As an audit inter working on the year-end cutoff issues for Meade Corporation, you verified the physical count of Inventory as $455,000 on December 31, 2020. However, you were uncertain about the items below and have not taken them into account in the inventory totals: 1. $65,000 in Meade Corporation inventory had been sent out for consignment to Freeze Corporation on December 28 2. $35,000 in merchandise sold to customers FOB shipping point December 24 still had not reached customer on December 31, 3. $47,000 in merchandise purchased FOB shipping point was delayed due to construction on the trucking routo schedule and was not scheduled to arrive until January 15, 2021. After reviewing the details, what is the correct total inventory to report by Meade on its December 31, 2020 balance sheet? Question 12 O out of points Using the data set below relating to a periodic Inventory system, what entries are made on April 6 and April 12? No specific cost how method is assumed. Date Event Amount 1-Apr Beginning inventory 1,000 2-Apr Sales on account cont 8,000) 12 000 6.Apr Inventory purchases 2/10, 1/30 8,000 10-Apr Inventory returns 1,000 12-Apr Freight paid 600 13-Apr Payments on account 2.500 30-Apr Actual inventory count 2.500