Problem 9-15 Integrating problem; Chapters 8 and 9; inventory errors [LO9-7] Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31,2016, its fiscal-year end, based on a physical count, was determined to be $346,000. Capwell's unadjusted trial balance also showed the following account balances: Purchases, $820,000; Accounts payable; $310,000; Accounts receivable, $325,000; Sales revenue, $1,000,000 1. Goods valued at $52,000 held on consignment from Dix Company were included in the physical 2. Purchases from Xavier Corporation were incorrectly recorded at $82,000 instead of the correct 3. Goods that cost $45,000 were shipped from a vendor on December 28, 2016, terms f.o.b. destination. 4. One inventory item was incorrectly included in ending inventory as 300 units, instead of the correct 5. The 2015 balance sheet reported inventory of $552,000. The internal auditors discovered that a The internal audit department discovered the following items count but not recorded as a purchase amount of $28,000. The correct amount was included in the ending inventory The merchandise arrived on January 3, 2017. The purchase and related accounts payable were recorded in 2016 amount of 2,000 units. This item cost $40 per unit. mathematical error caused this inventory to be understated by $82,000. This amount is considered to be material 6. Goods shipped to a customer f.o.b. destination on December 25, 2016, were received by the customer on January 4, 2017. The sales price was $60,000 and the merchandise cost $32,000. The sale and corresponding accounts receivable were recorded in 2016 7. Goods shipped from a vendor f.o.b. shipping point on December 27, 2016, were received on January 3, 2017. The merchandise cost $38,000. The purchase was not recorded until 2017 Required: 1. Determine the correct amounts for 2016 ending inventory, purchases, accounts payable, sales revenue, and accounts receivable Ending inventory Purchases Accounts payable Accounts receivable Sales revenue 2. Calculate cost of goods sold for 2016 Cost of goods sold