The Swifty Hat Shop Limited counted the entire inventory in its store on August 31 and arrived at a total inventory cost of $99,100. The count included $7,500 of inventory held on consignment for a local designer: $520 of inventory that was being held for customers who were deciding if they actually wanted to purchase the merchandise, and $900 of inventory that had been sold to customers but was being held for alterations. There were two shipments of inventory received on September 1. The first shipment cost $4,600. It had been shipped on August 29, terms FOB destination. The second shipment cost $4.900, plus freight charges of $260. It had been shipped on August 28, terms FOB shipping point. Neither of these shipments was included in the August 31 count. Calculate the correct cost of the inventory on August 31. Inventory cost $ Concord Inc. uses a perpetual inventory system. Its records show the following for the month of May. Units 32 Unit Cost $9 10 Date May May May May Total Cost $288 270 1 15 27 Explanation Inventory Purchase Sale Purchase Total 18 24 (47) 40 99 11 440 $998 (a) Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ Ending Inventory s Blue Hardware Limited reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 2022 $29,600 172,300 201,900 40,000 $161,900 2021 $19,200 179,600 198,800 29,600 $169,200 Blue made two errors: 1. 2021 ending inventory was overstated by $5,900. 2. 2022 ending inventory was understated by $3,100. Calculate the correct cost of goods sold for each year. 2022 2021 Cost of goods sold