This is my financial accounting homework for chapter 6.

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Exercise 6-2 Your answer is partially correct. Try again. Kale Wilson, an auditor with Sneed CPAs, is performing a review of Platinum Company's inventory account. Platinum did not have a good year, and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $846,220. However, the following information was not considered when determining that amount. Prepare a schedule to determine the correct inventory amount. (If an amount reduces the account balance then enter with a negative sign preceding the number , e.g. -15,000, or parenthesis e.g. (15,000).) Ending inventory-as reported $ 1. Included in the company's count were goods with a cost of $215,630 that the company is holding on consignment. The goods belong to Superior Corporation. 2. The physical count did not include goods purchased by Platinum with a cost of $36,940 that were shipped FOB destination on December 28 and did not arrive at Platinum's warehouse until January 3. 3. Included in the inventory account was $25,510 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. 4. The company received an order on December 29 that was boxed and sitting on the loading dock awaiting pick-up on December 31. The shipper picked up the goods on January 1 and delivered them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of $47,860 and a cost of $35,670. The goods were not included in the count because they were sitting on the dock. 5. On December 29, Platinum shipped goods with a selling price of $87,330 and a cost of $52,760 to District Sales Corporation FOB shipping point. The goods arrived on January 3. District Sales had only ordered goods with a selling price of $19,640 and a cost of $8,910. However, a sales manager at Platinum had authorized the shipment and said that if District wanted to ship the goods back next week, it could. 6. Included in the count was $38,260 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Platinum's products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, \"since that is what we paid for them, after all.\" Correct inventory $ Exercise 6-3 On December 1, Discount Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $164. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $107. Another, with serial #1045, was purchased on November 1 for $93. The last player, serial #1056, was purchased on November 30 for $85. Don't show me this message again for the assignment Calculate the cost of goods sold using the FIFO periodic inventory method assuming that two of the three players were sold by the end of December, Discount Electronics' year-end. $ The cost of goods sold Don't show me this message again for the assignment Link to Text If Discount Electronics used the specific identification method instead of the FIFO method, how might it alter its earnings by \"selectively choosing\" which particular players to sell to the two customers? What would Discount's cost of goods sold be if the company wished to minimize earnings? Maximize earnings? Cost of goods sold would be $ if it wished to minimize the earnings. Cost of goods sold would be $ if it wished to maximize the earnings Exercise 6-8 Eastland Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 388 $5 $ 1,940 12 Purchase 582 9 5,238 23 Purchase 970 11 10,670 30 Inventory 310 Don't show me this message again for the assignment Your answer is incorrect. Try again. Calulate Weighted Average Unit Cost. (Round answers to 2 decimal places, e.g. $1.25.) $ Weighted Average Unit Cost 7093 Don't show me this message again for the assignment Link to Text Your answer is incorrect. Try again. Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. $1,250.) $ The ending inventory $ The cost of goods sold Don't show me this message again for the assignment Link to Text Your answer is incorrect. Try again. Will the results in (b) be higher or lower than the results under FIFO and LIFO? Ending inventory under FIFO is $ which is than average-cost method Ending inventory under LIFO is $ which is than average-cost method In contrast: Cost of goods sold under FIFO is $ which is than average-cost method. Cost of goods sold under LIFO is $ which is than average-cost method. Don't show me this message again for the assignment Click if you would like to Show Work for this question: Open Show Work Exercise 6-13 This information is available for Sepia Photo Corporation for 2012, 2013, and 2014. 2012 2013 2014 $ 113,370 $ 313,090 $ 413,510 Ending inventory 313,090 413,510 477,370 Cost of goods sold 857,185 1,089,900 1,238,323 1,207,700 1,603,540 1,899,810 Beginning inventory Sales revenue Don't show me this message again for the assignment Your answer is partially correct. Try again. Calculate inventory turnover for Sepia Photo Corporation for 2012, 2013, and 2014. (Round answers to 2 decimal place, e.g. 1.55.) 2012 2013 2014 Inventory turnover ratio Don't show me this message again for the assignment Link to Text Your answer is partially correct. Try again. Calculate days in inventory for Sepia Photo Corporation for 2012, 2013, and 2014. (Round answers to 1 decimal place, e.g. 1.5.) 2012 Days in inventory 2013 days Don't show me this message again for the assignment Link to Text 2014 days days Your answer is incorrect. Try again. Calculate gross profit rate for Sepia Photo Corporation for 2012, 2013, and 2014. (Round answers to 2 decimal places, e.g. 0.10.) 2012 2013 2014 Gross profit rate Exercise 6-6 Eastland Company reports the following for the month of June. Date June 1 12 23 30 Explanation Inventory Purchase Purchase Inventory Units 252 378 630 202 Unit Cost $4 9 12 Total Cost $ 1,008 3,402 7,560 Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO $ $ $ $ The cost of the ending inventory The cost of goods sold