What the answer for 40 The first answer I had was Ending Inventory C Retained Earnings B Cost of Goods Sold A Net income B The second I had was Ending Inventory A Retained Earnings B Cost of Goods Sold A Net income B Both was wrong

Complete the missing pieces of Delgado Companys inventory calculations and ratios.

Indicate the effect of each of the following errors on the following balance sheet and income statement items for the current and succeeding years: beginning inventory, ending inventory, accounts payable, retained earnings, purchases, cost of goods sold, net income, and earnings per share. a. The ending inventory is overstated. b. Merchandise purchased on account and received was not recorded in the purchases account until the succeeding year although the item was included in inventory of the current year. c. Merchandise purchased on account and shipped FOB shipping point was not recorded in either the purchases account or the ending inventory. d. The ending inventory was understated as a result of the exclusion of goods sent out on consignment.

Which method results in a balance sheet valuation of inventory method farthest away from its economic value? Select one: a. FIFO b. LIFO c. Weighted Average PreviousSave AnswersNext

Inventory at the end of the year was inadvertently overstated. Which of the following statements correctly states the effect of the error on net income, assets, and stockholders' equity? a.net income is understated, assets are understated, and stockholders' equity is overstated b.net income is understated, assets are understated, and stockholders' equity is understated c.net income is overstated, assets are overstated, and stockholders' equity is overstated d.net income is overstated, assets are overstated, and stockholders' equity is understated

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H6. Lower of cost or market is an attribute used for the:   a. initial measurement of accounts receivable   b. subsequent measurement of inventory   c. subsequent measurement of accounts receivable   d. initial measurement of inventory    Explain All wrong options and explain with full details

3 Under a periodic inventory system, if the beginning inventory is overstated Select one: a. working capital is understated. b. the current ratio is overstated. c. net income is understated. d. cost of goods sold is understated.

Do you agree with the following statements? Express your opinion on each statement. An inventory error that causes an understatement (or overstatement) for net income in one accounting period, if not corrected, will cause an overstatement (or understatement) in the next. Since an understatement (overstatement) of one period offsets the overstatement (understatement) in the next, such errors as said to correct themselves. Market usually means replacement cost of inventory when applied in the LMC. Cost of goods available for sale equals the inventory plus cost of sales.

Do you agree with the following statements? Express your opinion on each statement.   An inventory error that causes an understatement (or overstatement) for net income in one accounting period, if not corrected, will cause an overstatement (or understatement) in the next. Since an understatement (overstatement) of one period offsets the overstatement (understatement) in the next, such errors are said to correct themselves.     Market usually means replacement cost of inventory when applied in the LCM.     Cost of goods available for sale equals ending inventory plus cost of sales.