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1) Thomas Electronics has the following merchandise (inventory) information: Merchandise Laptop Computers Desktop Computers Cost $29,000 $14,000 Market $27,000 $18,000 These assets should be valued on Thomas Electronics' balance sheet at what amounts? a. Laptop Computers: $_ b. Desktop Computers: $ 2) Daisy Co. completed its inventory count calculating a total inventory value of $281,000. Given the information listed below regarding possible necessary adjustments, what is the corrected inventory? Daisy Co. did not include in its inventory count purchased goods of $14,000 which were in transit (terms: FOB shipping point). Daisy Co. included goods in its inventory count that are goods held on consignment for Grace Co., costing $11,000. Daisy Co. did not include in its inventory count goods that had been sold with a cost of $12,000 which were in transit (terms: FOB shipping point). a. What is Daisy Company's corrected inventory value (show work)? 3) If costs are rising, then (Fill in with greater or less than): a. FIFO COGS is LIFO COGS. b. FIFO ending inventory is _LIFO ending inventory. c. Net Income for a company using FIFO will be a company that uses LIFO. 4) If ending inventory is overstated (Fill in with overstated, understated, or not impacted): a. COGS is b. Revenue is c. Expenses are d. Net Income is e. Ending Retained Earnings are f. Assets are g. Liabilities are h. Stockholder's Equity is

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