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McCoy uses the periadic inventory system For the cument morth, the beginning inventory consisted of 4,800 units that cost $12 each. During the month, the company made two purchases: 2.000 unis at $13 each and 8,000 units at $13 50 euch. McCoy also sold 8,600 units during the moneh 1. Using average cost method, what is the amount of COGS for the moneh? 2 Using the FIFO method, what is the ending inventory? 3. Using the LIFO method, what is gross profit? 4-5 Risers Inc reported total assels of $1,800,000 and net income of $200,000 for the current year. Risers determined that inventory was overstated by $15,000 at the beginning of the year (this was not corrected). What is the corrected amount for total assets and net income for the yoar? 6 Tweedle had 500 units in its inventory at a cost of $5 each It purchased, for $2.400, 300 more units. Twoedle then sold 600 units at a seling price of $10 each, resuiting in a gross proft of $2,100. The cost flow assumption used by Tweedle is 7. Madon Corporation uses the FIFO method for internal reporting purposes and external reporting purposes. The balance in the LIFO Reserve account at the end of 2017 $125,000. The balance in the same account at es and LIFO for the end of 2018 is $275,000. Coopers Cost of Goods Sold account has a balance of $975,000 froe sales transactions recorded during the year. What amount should Madon report as Cost of Goods Sold in the 2018 income statement? 8. Litner had 500 units of 'Dink' in its inventory at a cost of $15 each. It purchased 800 more units of "Dink at a cost of $18 each. Ltner then sold 960 units at The LIFO liquidation cverstated normal gross profit by a selling price of $30 each. Use for 9-10 L eader began using dollar-value LIFO for costing its inventory December 31, 2016 The endirg inventory for 2016, 2017, and 2018 was $195,000, $270,000 and $385.000 respectively. The were 1.0, 1.15, and 1.25 respectively. Compute the inventory at December 31, price indices 2017 and 2018 using the doller-value LiPO method for each l year 9. Ending inventory Dollar-Vaue LIFO December 31, 2017 10. Ending inventory Dolar-Value LIFO December 31, 2018 11. If a company uses ay uses the periodic inventory system what is the impact on the current ratio of transit fo.b. shipping point in purchases, but not ending invento ry? ncluding goods in transit f o.b, shipping point in purchases, but no ent, or No offect