Required information [The following information applies to the questions displayed below.] Martin has a bird shop that sells canaries. Martin maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024. Martin uses a periodic inventory system and believes there are 28 birds remaining in ending inventory. However, Martin neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 18 birds in ending inventory. Martin is not aware of the lost canaries. equired: What amount will Martin calculate for ending inventory and cost of goods sold using FIFO, assuming he erroneously believes 28 Inaries remain in ending inventory? Required information [The following information applies to the questions displayed below.] Martin has a bird shop that sells canaries. Martin maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024. Martin uses a periodic inventory system and believes there are 28 birds remaining in ending inventory. However, Martin neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 18 birds in ending inventory. Martin is not aware of the lost canaries. What amount would Martin calculate for ending inventory and cost of goods sold using FIFO if he knew that only 18 canaries remair ending inventory? Required information [The following information applies to the questions displayed below.] Martin has a bird shop that sells canaries. Martin maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024. Martin uses a periodic inventory system and believes there are 28 birds remaining in ending inventory. However, Martin neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 18 birds in ending inventory. Martin is not aware of the lost canaries. 3. What effect will the inventory error have on reported amounts for (a) ending inventory, (b) retained earnings, (c) cost of goods sol and (d) net income (ignoring tax effects) in 2024? Required information [The following information applies to the questions displayed below.] Martin has a bird shop that sells canaries. Martin maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024. Martin uses a periodic inventory system and believes there are 28 birds remaining in ending inventory. However, Martin neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 18 birds in ending inventory. Martin is not aware of the lost canaries. Assuming that ending inventory is correctly counted at the end of 2025 , what effect will the inventory error in 2024 have on eported amounts for (a) ending inventory, (b) retained earnings, (c) cost of goods sold, and (d) net income (ignoring tax effects) in 025
