Question 4 Sheridan Company, Ltd. had a beginning inventory of 404 units of Product Kimbo at a cost of 1 per unit. During the year, purchases were: Feb. 20 202 @ 4 Aug. 12 606 @ 14 May 5 505 5 Dec. 8 303 15 Sheridan Company uses a periodic inventory system. Sales totaled 1,515 units. Determine the cost of goods available for sale. The cost of goods available for sale 16,766 Determine (1) the ending inventory and (2) the cost of goods sold under the two assumed cost flow methods (FIFO and average-cost). (Round average unit cost to 2 decimal places, e.g. 25.16 and final answers to 0 decimal places, e.g. 2,120.) FIFO AVERAGE-COST The ending inventory 7,373 ! The cost of goods sold Which cost flow method results in (1) the lower inventory amount for the statement of financial position, and (2) the lower cost of goods sold for the income statement? (1) (2) results in the lower inventory amount for the statement of financial position, L v results in the lower cost of goods sold, El Question 5 Nash Company reports net income of 90,340 in 2017. However, ending inventory was understated 5,320. What is the correct net income for 2017? The correct net income for 2017 What effect will this error have on total assets as reported in the statement of financial position at December 31, 2017? Total assets in the statement of financial position will be by el