solve for the parts that are wrong

This window shows your responses and what was marked correct and incorrect from your previous attempt. On 31 December 20X5, Office Systems Ltd.'s books showed an ending Inventory valuation of $480,000. The accounts for 20x5 have been adjusted and closed. Subsequently, the bookkeeper prepared a schedule that showed that the inventory should be $633,200, not $546,000. 546,000 Merchandise in store (at 40% above cost) b.Merchandise purchased, in transit (shipped FOB destination, estimated freight, not included, $750), invoice price c. Merchandise held for later shipment to Davis Electronics at sales price, 40% above cost (already billed to Davis Electronics) d. Merchandise out on consignment at sales price (cost, $12,200) e.Merchandise (office equipment) removed from the warehouse and now used in the company's marketing office (at cost) f. Merchandise out on approval, sales price = $9,500, cost = $3,800 14,000 20,300 24,400 19,000 9,500 633,200 Income tax rate = 30% Required: 1. Review the items making up the list of inventory. Compute the correct ending inventory amount. Cost of Inventory: Merchandise in store Goods held for later shipment shipment Merchandise on consignment Goods out on approval, at cost Corrected Inventory, 31 December 20,5 $ 390,000 14,500 12.200 3,800 $ 420,500 arded 2. The income statement and SFP now reflect a closing inventory of $480,000. List the items on the income statement and SFP for 20x5 that should be corrected for the above errors, give the amount of the error for each item affected. Statement of Comprehensive Income: Ending inventory overstatement Cost of goods sold understated Gross margin overstated Pretax earnings overstated Income taxes overstated Earnings overstated Statement of Financial Position: Current assets: Inventory overstated Capital assets, understated Current liabilities Income taxes payable overstated Retained earnings overstated $ 125,500 125,500 125,500 125,500 37.650 87,850 125.500