Periwinkle, Inc. uses a periodic inventory systems and sets its fiscal year to the calendar year. It's been a tradition at Periwinkle's to perform an annual physical inventory count on December 31. After counting all day, the whole staff goes out to celebrate the new year; the CEO pays for the celebration. Periwinkle's physical ending inventory at December 31, 20X2 at $300,000. Periwinkle's account balances for a few select accounts are shown below: Purchases $425,000 Accounts Payable 210,000 Accounts Receivable 225,000 Revenue from Sales 800,000 During a periodic internal audit, the internal auditing team reported the following: Use your knowledge to critically think through all accounts that would be involved in the transactions below. a) Jasmine Hunt, a consignor to Periwinkle, had $32,000 of merchandise on consignment at Periwinkle. Her consignment items was included in Periwinkle's physical inventory count, but not recorded as a purchase. b) Periwinkle's bookkeeper, with a long history of vision problems, incorrectly recorded a $14,000 inventory purchase as $41,000. The ending inventory account included the correct amount of $14,000. c) Periwnkle purchased $25,000 of Inventory from a vendor in South Dakota, who shipped the inventory (FOB Destination) to Periwinkle on December 29, 20X2. Periwinkle recorded the purchase and accounts payable in 20X2, but didn't receive the shipment until January 18, 20X3. d) On the inventory count/control sheets, an auditor noticed that SKU 384726320204, with a cost of $40, was listed at 100 units. When she double checked the figure by recounting the circular rack in the back of the store, she determined there were 1,000 units of SKU 384726320204. f) Periwinkle, Inc. shipped $22,000 in inventory (FOB destination) to one of its best customers, Elm, Inc. on December 25, 20X2. Elm received the shipment January 2, 20X3. Periwinkle invoiced Elm for $40,000. The sale and accounts receivable was recorded in 20X2. g) Periwinkle, Inc. received a shipment (FOB Shipping Point) of $18,000 in inventory on January 11, 20X3 that began its journey from the vendor's loading dock on December 31, 20X2. Periwinkle recorded the purchase and payable in January of 20X3. Required: 1 Compute the following amounts for 20X2. Ending inventory $0 1.5 point Purchases $0 1.5 point Accounts payable $0 1.5 point Accounts receivable $0 1.5 point Sales revenue $0 1 point 2 Calculate cost of goods sold for 20X2. 2 points