Q.24

Q.25

A company just starting business made the following four inventory purchases in June: A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. The inventory method which results in the highest gross profit for June is not determinable. the FIFO method. the LIFO method. the weighted average unit cost method. Euler Company made an inventory count on December 31, 2021. During the count, one of the clerks made the error of counting an inventory item twice. For the balance sheet at December 31 , the effects of this error are Liabilities Stockolders' Equity. understated no effect overstated no effect overstated overstated overstated understated