11. Brown Corporation uses the perpetual inventory system. Make journal entries for the following inventory-related transactions....

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11. Brown Corporation uses the perpetual inventory system. Make journal entries for the following inventory-related transactions. (3 points) < Dec. 2 Dec. 5 Purchased inventory from a supplier for $2,900 on account, with credit terms 2/10, n/30 2 Dec. 10 Returned $300 of the inventory purchased on Dec. 2, which was defective < Paid the supplier the full amount owed, taking advantage of the discount < 2 2 12. Suppose a company overstates its ending Inventory amount. What effect will this have on the reported amount of Cost of Goods Sold in the year of the error (the current year)? (Overstated, understated, no effect, not possible to determine, etc.) (1 point) 13. When legal title passes from the seller to the buyer when the seller ships the merchandise, what are the shipping terms? (1 point) < 14. When legal title passes from the seller to the buyer when the buyer receives the merchandise, what are the shipping terms? (1 point) < 15. Inventory records for Houston Products Inc. revealed the following: < Date April 1 Transaction < Beginning Inventory < April 14 Purchase April 22 Purchase Total Goods Available for Sale Number of Units Unit Cost Total Cost 400 $2.40 2 2 400 < $2.50 2 2 200 $2.60 < < 2 The company sold 900 units during the month. < Compute the ending inventory and Cost of Goods Sold under 3 methods: FIFO, LIFO, and weighted-average cost. Show your calculations. (3 points) 11. Brown Corporation uses the perpetual inventory system. Make journal entries for the following inventory-related transactions. (3 points) < Dec. 2 Dec. 5 Purchased inventory from a supplier for $2,900 on account, with credit terms 2/10, n/30 2 Dec. 10 Returned $300 of the inventory purchased on Dec. 2, which was defective < Paid the supplier the full amount owed, taking advantage of the discount < 2 2 12. Suppose a company overstates its ending Inventory amount. What effect will this have on the reported amount of Cost of Goods Sold in the year of the error (the current year)? (Overstated, understated, no effect, not possible to determine, etc.) (1 point) 13. When legal title passes from the seller to the buyer when the seller ships the merchandise, what are the shipping terms? (1 point) < 14. When legal title passes from the seller to the buyer when the buyer receives the merchandise, what are the shipping terms? (1 point) < 15. Inventory records for Houston Products Inc. revealed the following: < Date April 1 Transaction < Beginning Inventory < April 14 Purchase April 22 Purchase Total Goods Available for Sale Number of Units Unit Cost Total Cost 400 $2.40 2 2 400 < $2.50 2 2 200 $2.60 < < 2 The company sold 900 units during the month. < Compute the ending inventory and Cost of Goods Sold under 3 methods: FIFO, LIFO, and weighted-average cost. Show your calculations. (3 points)