Ayayai Hardware Limited reported the following amounts for its cost of goods sold and Inventory: Cost of goods sold Ending inventory 2018 Ending inventory $169,200 Cost of goods sold 37,400 Ayayai made two errors: (1) ending inventory for 2018 was overstated by $2,000 and (2) ending inventory for 2017 was understated by $4,100. Assume that neither error has been found or corrected. 2017 Calculate the correct ending inventory and cost of goods sold amounts for each year. $ $152,900 $ 29,400 2018 $ 2017

Whispering Winds Supply Company reports net income of $141,600 in 2023. The ending inventory did not include goods valued at $10,620 that Whispering Winds Supply had consigned to Staples. (For question answer please scroll far right) (1) What impact will this error have on the income statement for 2023? If ending inventory is ✓by $ (2) (3) What is the correct net income for 2023? The correct net income is $ 2 On the balance sheet, both inventory and retained earnings will be cost of goods sold will be What impact will this error have on the balance sheet at December 31, 2023? by $ and net

In March 2015, XYZ Corp. purchased an item of inventory for $30. By June, that item could be purchased for $26 and re-sold for $31. XYZ's normal profit for the item is $4. At what amount should XYZ report the item in its June 30 balance sheet? XYZ uses the LIFO inventory cost flow assumption. (omit , and $ in the answer) 30

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Errors in Inventory Count Bow Corp. accidentally overstated its 2015 ending inventory by $750. Assume that ending 2016 inventory is accurately counted. The error in 2015 will have what effect on Bow Corp.? Oa. 2015 net income is understated by $750 Ob. 2015 net income is overstated by $750. Oc, 2016 net income is understated by $750. Od. Both b and c are correct.

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Larkspur, Inc's inventory of $859,000 at December 31, 2017, was based on a physical count of goods priced at cost. The total does not include any adjustments for the following items. (a) Goods shipped from a vendor f.o.b. destination on December 24, 2017, at an invoice cost of $7,000 to Larkspur were received on January 4, 2018. These goods were excluded from the physical count. (b) The physical count excluded goods held by a retailer (Deals Corp.) on consignment for Larkspur, Inc. The cost of these goods to Larkspur was $ 32,500. Larkspur did not record a sale when it shipped the goods to Deals. (c) The inventory included $ 48,000 of goods that were in Larkspur's warehouse on the morning of December 31, 2017 but were shipped to a customer fo.b. shipping point later that day, after they had been included in the physical inventory count. What inventory amount should appear on Larkspur's December 31, 2017 balance sheet? Inventory to be reported $ eTextbook and Media

Ending inventory for the year ended December 31, 2017, is understated by $15,000. How will this error affect net income for 2018? Net income will be understated by $30,000. Net income will be understated by $15,000. O Net income will be overstated by $15,000. O Net income will be overstated by $30,000. O The understatement of inventory in 2017 will not affect income in 2018.

#26 While examining the December 31, 2018 financial statements of Sydney company, the following errors are discovered: *Inventory on January 1 had been overstated by P30,000. *Inventory on December 31 was understated by P60,000. During 2018, Donna received a P120,000 cash advance from customer for merchandise to be manufactured and shipped during 2019.  The amount was credited to sales revenue. *The net income reported on the 2018 income statement before reflecting any adjustment is P3,000,000.   What is the corrected net income for the year ended December 31, 2018? ANSWER:  2,970,000 Pls provide solution and explanation for the answer above