Stansbury Company determined its December 31, 2014 inventory to be $1.000.000 based on a physical count priced at cost. It then determined the following additional information Merchandise costing $90,000 was shipped FOB shipping point from a vender on December 30, 2014 This merchandise was received and recorded on January 5, 2015 Goods costing $120,000 were staged on the shipping dock and excluded from inventory ligt shipment was not made until January 4, 2015. The goods were billed to the customer FOB Hipping point on December 30, 2014 20 What is Stunbury's ending inventory for its December 31, 2014 balance sheet? $1,000,000 b. $1,090,000 c. $1,120,000 $1,210,000 Exhibit 1 Edwards Co. purchased raw materials with a cost of $95,000 on March 2, 2016. Credit forms of 3/20 1/60 applied. If Edwards pays for the purchase on March 18, 2014, calculate the mount recorded for inventory on March 2, 2014, using the method given Refer to Ethibit 1. Edwards uses a perpetual inventory system and the gross price method $42.000 b. 576,000 592,150 d. 595,000 2.2 Concerning purchase discounts, which one of the following statements is true? Purchase discounts taken should be deducted from the acquisition cost of the inventory b. The net price method results in recording accounts payable at the ancimum value of the liability that the company may be required to pay out c. Purchase discounts lost should be included in the cost of inventory d. An advantage of the gross price method is that it isolates purchase discounts lost and the highlights inefficiencies 27 On June 1, Dollar Hardware, Inc. had an inventory of 300 gasgrills conting $100 ah. Purchases and sales during June are as follows: Date Purchases Sales June 3 100 @ 5125 each June 10 50 @ 5110 each June 17 1505130 each June 28 50 @ $120 each What is the cost of Delia's inventory on June 30 using the FIFO method? $15.000 b. $16,000 c. $16.500 d. $18,000