15. Sarah made a mistake when she calculated the value of her closing inventory. As a result the imventory is undervalued. How is her profit for the year and net assets at the end of the year affected by this error? 16. Fernando runs a clothes shop selling replica football kits and valued all his imventory at 31 March 208 at its cost of $15,550. Inventory includes 50 of last seasoris football Kits which originally cost $30 and were on sale during the year for $50 each. However, now that new kits are out lor the coming sascon. Femando knows he will have to reduce the old kits to haif price in order to sell them. Calculate the correct value for imventory at 31 March 208. 17. The following records were kept for an imventory item in June. June 1100 units in inventory at $10 each 550 units bought at $10 each 1260 units sold 2020 units bought at $8 each 2980 units sold Using the FIFO method, what would be the value of inventory at 30 June? \begin{tabular}{rr} \hline & $300 \\ \hline & $260 \\ \hline & $340 \\ \hline & $220 \end{tabular} 18. Brook sold a delivery van which originally cost $24,500. The accumulated depreciation on the van was $13,650 at the date it was sold. Sole proceeds of $7,500 were nectort. What is the profit or loss on the disposal of the van? A loss of $3,350 A lass of 56,150 A loss of $17,000 A profit of $3,350