Analysis Case 9-6 (Static) Inventory errors (LO9-7) Eddies Galleria seis brawd tables. The company has the following purchases and sales for 2024. Eddie za womed about the companys financial performance. He has notked an increase in the purchace coct of bellard tabies, but at the same time, competison from other betiard taole stores and other entertainment choices have prevented him from increasing the sales price. Edde is worred that ir the company's prositabity is too low, stockholders wil demand he be teplaced. Edie does not: want to lose his job. Since 60 of the 400 bilitard tables sold have not yet been picked up by the custorners as of December 31,2024. Edale decides incoirectly to include these tabies in ending inventory. He appropriatey inctices the sale of these 60 tables as part of totat revenues in 2024 Required: 1. What amount wit Eddie caiculate for ending inventory and cost of goods sold using firo, assuming he erroneously reports that 110 tables remain in encting inventory? 2. What amount woild Eddie calculate for cost of goods sold using FIFO if he colrectly reports that oniy 50 tables remain in ending inventory? 3. 8 4. What edect was the inventory etror have on reported amounts for (a) ending inventory. (b) retained eamings, (c) cost of goods 2025 . 2025 ? Complete this auestion by eatering your answers in the tabs below. What amount wit Eddie calculate for enting inventory and cost of osods sold using fifo, assuming he ertoneously reports that 110 takles temain in ending inventory? Edoie is worned about the componys finangal performance. He has nobced an increase in the purchase cost of bitiayd tabien, but at the same tme, compettion from other biltald tabie blores and other entertatnment choices nave prevented him from increasing the sates price. Edaie is worthed thas it the compary's protitabaty is too low, stockholders wi demand he be replaced. Edale does not wares to lose his job since 60 of the 400 belard tables sold have nat yet been picked up by the customers as of Dectmber 31.2024. Edde peciscs incorrecty to include these tables in enaing inventory. He appropriately ncturtes the sale of these 60 tables as part of total revenuts in 2024 Requilred: 1. What amount wei Eddie calalate for enoing imventory and cost of goods sold uning fFF, assuming he erroneously repoits that 110 tables remain ending inventory? 2. What amount woudd Eddie calcutate for cost of goods soid using fifo if he coirecty reports that only 50 tables iemain in ending inventory? 3. 4 4. What effect wit the inventory eiror have on reported amounts for (o) ending iffentory, (b) retained earnings, (c) cont of goods sold and (d) net income 0gnoring tix effects) in 2024 and in 2025 , assuming that ending inventory is correctly counted at the end of 20257 Complete this aunstion by entering your answers in the tabs below. What imbunt wouls fode cakuate for cost of goods sold uting firo if he correctly reports that enly so tabies remain in inding inwentery