Question 7 (1 point) On December 31, 2021, Titanium Inc. had recorded $175,000 in its inventory account. The controller found the following invoices that had not been entered on January 3, 2022: Sold goods costing $7,500 to Silver Co. for $12,000, terms FOB shipping point. The goods were shipped on December 29, and delivered to Silver on January 2, 2022. Sold goods costing $9,000 to Platinum Ltd. for $18,000 on account. The goods were delivered on December 20, 2021, and payment is due January 15, 2022. Purchased goods costing $6,500 on December 21,2021. The shipping terms are FOB destination. The inventory was shipped on December 28, 2021, and received January 3, 2022. What amount should Titanium record as its ending inventory on December 31, 2021? $158,500 $198,000 O$165,000 $145,000 Question 8 (1 point) Mickey Inc. is considering purchasing the net assets of Minnie Corporation. Mickey has been given the following information on Minnie Corporation: Statement of Financial Position Fair Value December 31, 2021 December 31, 2021 Current assets $236,000 Current assets $225,500 PPE (net) 625,000 PPE 584,000 Land 175,000 Land 415,000 Current liabilities 187,000 Current liabilities 187,000 Common shares 577,000 Retained earnings 272,000 Mickey offered $1,425,000 to purchase the company. How much goodwill will Mickey record on this purchase? $13,500 $202,000 $389,000 $387,500