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Linden Watch Company reported the following income

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Linden Watch Company reported the following income 1 Boyer Company applied FIFO to its inventory and got the following results for its ending inventory. VCRs 140 units at a cost per unit of $65 DVD players 210 units at a cost per unit of $75 iPods 175 units at a cost per unit of $80 The cost of purchasing units at year-end was VCRs $71, DVD players $69, and iPods $78. Instructions Determine the amount of ending inventory at lower-of-cost-or- Net realizable value. 2 Linden Watch Company reported the following income statement data for a 2-year period. 2011 2012 Sales $260,000 $320,000 Cost of goods sold Beginning inventory 32,000 44,000 Cost of goods purchased 193,000 225,000 Cost of goods available for sale 225,000 269,000 Ending inventory 44,000 52,000 Cost of goods sold 181,000 217,000 Gross profit $ 79,000 $103,000 Linden uses a periodic inventory system. The inventories at January 1, 2011, and December 31, 2012, are correct. However, the ending inventory at December 31, 2011, was overstated $3,000. Instructions (a) Prepare correct income statement data for the 2 years. (b) What is the cumulative effect of the inventory error on total gross profit for the 2 years? Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

Linden Watch Company reported the following income

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