Hi I would like some help with answering the problems and a brief explanation on how its done so I'm able to study, thank you

Question 2

Merchandise inventory at the end of the year was inadvertently overstated. Which of the following statements correctly states the effect of the error on cost of goods sold and net income?

cost of goods sold understated, net income is overstated

cost of goods sold no change, net income is no change

cost of goods sold overstated, net income is understated

none of the above

Question 3

The inventory flow assumption method that leaves the most recent costs in the end of the period inventory balance

LIFO

none of these

FIFO

Average

Question 8

The following items of a particular commodity were available for sale during the year:

Beginning inventory	10 units at $61
First purchase	25 units at $63
Second purchase	30 units at $64
Third purchase	15 units at $73

The firm uses the periodic system and there are 22 units of the commodity on hand at the end of the year. What is the amount of the inventory at the end of the year according to the AVERAGE COST method?

$1,430

$1,305

$1,300

$1,480

Question 4

The inventory data for an item for November are:

Nov. 1	Inventory	20 units at $20
4	Sold	10 units
10	Purchased	30 units at $21
17	Sold	20 units
30	Purchased	10 units at $22

Using the perpetual system, costing by the first-in, first-out method (FIFO), what is the cost of the merchandise inventory of 30 units on November 30?

$630

$640

$620

$610