Question 39 (5 points) Rightway, Inc. sells rotisserie cookers with a 1 year embedded warranty. During 2019. Rightway sold 500 cookers. They estimate that 5% of the cookers will need warranty service during the first year of ownership. When a cooker needs warranty service, the average cost is $100. The effect of the adjusting entry that is needed for warranties at the end of 2019 will cause which of the following? Total assets to increase by $2,500 Net income to decrease by $2,500 Total liabilities to decrease by $2,500 Stockholders equity to increase by $2.500 Question 40 (5 points) The following purchases of widgets by Loopy Company took place during the 1st Quarter of 2019: Date 01/20/2019 02/15/ 2019 S Units 110S 0 100 Cost $30/each $32leach $33.50/each 9 If Loopy uses the moving or weighted average inventory assumption with regard to widgets, what is the cost of goods sold for a sale of 50 widgets on March 20, 2019 if it is the only sale during the quarter? (round to the nearest dollar) $1,588 ( $1,500 $1,600 $1,585