show and explain work

Cost not 56? E6.10 Determine effects of inventory errors. (LO 3) Elliott's Hardware reported cost of goods sold as follows. 2019 2020 Beginning inventory $ 20,000 $30,000 Cost of goods purchased 150,000 175,000 Cost of goods available for sale 170,000 205,000 Ending inventory 30,000 35,000 Cost of goods sold $140,000 $170,000 Elliott's made two errors: (1) 2019 ending inventory was overstated $3,000, and (2) 2020 ending inventory was understated $5,000 Instructions Compute the correct cost of goods sold for each year. FULL SCREEN PRINTER VERSION BACK m l Ulum inventory at lower-of-cost-or-net realizable value. E6.14 Compute inventory turnover, days in inventory, and gross profit rate, (LO 4) This information is available for Abdullah's Photo Corporation for 2018, 2019 and 2020. NE 2020 $400,000 Beginning inventory Ending inventory Cost of goods sold Sales revenue 2018 $ 100,000 300,000 900,000 1,200,000 2019 $ 300,000 400,000 1,152,000 1,600,000 1,300,000 1,900,000 Instructions Calculate inventory turnover (round to two decimal places), days in inventory (round to one decimal place), and gross profit rate (from Chapter round to nearest percentage) for Abdullah's Photo Corporation for 2018, 2019, and 2020. Comment on any trends. nancial statements. E6.12 Determine ending inventory under LCNRV. (LO 4) Freeze Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Unit Cost Net Realizable value Cameras: Minolta $170 $156 Canon Light meters: Vivitar 10 Kodak Instructions Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis