The following information was taken from the records of Tinker Enterprises:   Year 1 Year 2 Beginning Inventory $50,000 $60,000 Cost of goods purchased 400,000 420,000 Cost of goods available for sale 450,000 480,000 Ending inventory 60,000 55,000 Cost of goods sold $390,000 $425,000   The following two errors were made in the physical inventory counts: 1. Year 1 ending inventory was understated by $8,000 2. Year 2 ending inventory was overstated by $4,000

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Shanrock Company uses the periodic inventory method and had the following inventory information available: 1/1 1/20 7/25 10/20 1. 2. 3. Beginning Inventory 4. (a) Purchase 4. (b) Purchase Purchase Units Unit Cost 100 400 Answer the following independent questions. 200 300 1,000 $4 $6 $7 $8 Total Cost A physical count of inventory on December 31 revealed that there were 400 units on hand. $400 2,400 1,400 2,400 $6,600 Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less? $ $ $ $

Sheffield Corp. accumulates the following cost and market data at December 31. Inventory Categories   Cost Data   Market Data Cameras   $12,188   $13,228 Camcorders   8,758   9,458 DVDs   11,304   9,814 Compute the lower-of-cost-or-market valuation for company’s inventory. The lower-of-cost-or-market value   $Enter a dollar amount