This is three seperate questions!

#1

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#3

Real Time Companies was founded with the mission of filling every home with music. The company reported the following amounts in its financial statements (in millions): 2017 $ 5,960 2010 $ 5,900 4.800 540 660 9,700 490 540 Net Sales cost of Coods sold Beginning Inventory Ending Inventory Required: 1. Determine the inventory turnover ratio and average days to sell inventory for 2018 and 2017. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) Inventory Tumover Ratio Days to Sell 2018 times per year I days 2017 imes per year days Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the time of each sale, as if it uses a perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 . Units 1,900 Unit Cost $ 50 Transactions Beginning inventory, January 1 Transactions during the years a. Purchase, January 30 b. Sale, March 14 $100 each) c. Purchase, May 1 d. Sale, August 31 (5100 cach) 62 2,600 (1.470) 1/220 12,000) 80 1. Calculate the cost of goods sold and ending inventory for Gladstone Company assuming it applies the LIFO cost method perpetually at the time of each sale. Cost of Goods Sold Ending Inventory Partial income statements for Sherwood Company summarized for a four-year period show the following: 2018 2019 2020 2022 Net Sales $ 2,850,000 $ 3,250,000 $ 3,350,000 5.3,850,000 Cout of Goods Sola 1,510,500 1.590,000 1,809,000 2,040, 500 Grons Profit $1,339,500 $ 1,560,000 $ 1,541,000 $ 1,809,500 An audit revealed that in determining these amounts, the ending inventory for 2019 was overstated by $23,400. The inventory balance on December 31, 2020, was accurately stated. The company uses a periodic inventory system, Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error, 2-a, Compute the gross profit percentage for each year (c) before the correction and (b) after the correction 2-6. Do the results lend confidence to your corrected amounts? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 20 Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. SHERWOOD COMPANY Income Statements (Corrected) 2018 2019 2020 2021 Not Sales Cost of Goods Sold Gross Profit R1 Req2A > Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales Cont of Goods Sold Grons Profit 2018 $ 2,850,000 1.510,500 5.1,339,500 2019 $ 3,250,000 1.690.000 $21.560,000 2020 $ 3,350,000 1.809,000 $ 1,541,000 2021 $ 3,050,000 2.040.500 1,809,500 An audit revealed that in determining these amounts, the ending inventory for 2019 was overstated by $23,400. The inventory balance on December 31, 2020, was accurately stated. The company uses a periodic inventory system, Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction 2-b. Do the results tend confidence to your corrected amounts? Complete this question by entering your answers in the tabs below. Reg 1 Roba 24 Reg 28 Compute the gross profit percentage for each year (a) before the correction and (b) after the correction: (Round your answers to the nearest whole percent.) 2020 2021 Before Correction After Correction 2010 % % 2019 % % % %