15. Sarah made a mistake when she calculated the value of her closing imentory. As a result the imventory is undervalued. How is her prolit for the year and net assets at the end of the year affected by this enor? Profit for the your Overstated Overtated Understated Understated Net assets Understated Overstated Understated Overstaked 16. Fernando runs a clothes shop selling eeplica foothsil kits and valued all his ieventory at 31 March 208 at its cost of 515,550 . Inventory includes 50 of last season's football kits which originality cost $30 and were on sale during the year for $50 each. However, now that new kits ane out for the coming season. Femando knows he will have to reduce the old kits to hat pice in order to sell them. Calculate the correct value for inventory at 31 March 208. 17. The following records were kept for an itwentory hem in lune. June 100 units in imentory at $10 each 50 units bought at $10 each 60 units sold 20 units bought at 58 each 80 units sold Using the FIFO method, what would be the value of invertion at 30 June? \begin{tabular}{|r|r} $300 \\ $260 \\ \hline \\ $340 \\ $220 \end{tabular} 18. Brook sold a delivery van which orignaly cost $24,500. The accumulated depecciation on the van was $13,650 at the date it was sold. 5 alie proceets d $7,500 were incelved. What is the profit or loss on the disposal of the van? A loss of $3.350 A loss of 56,150 A loss of $17,000 A profit of 53,350