13. A firm fraudulently overstated its December 31, 2009 and 2010 inventories by $4,000 and $7,000, respectively. What is the amount of 2009 and 2010 overstatements of cost of goods sold which results...

13.

A firm fraudulently overstated its December 31, 2009 and 2010 inventories by $4,000 and $7,000, respectively. What is the amount of 2009 and 2010 overstatements of cost of goods sold which results from these inventory overstatements?

14.Grandma’s Gift Store uses the FIFO cost flow assumption. Calculate its cost of goods sold for the month of July and its ending inventory at July 31.

15.
Grandma’s Gift Store uses the LIFO cost flow assumption. Calculate its cost of goods sold for July and its ending inventory at July 31.

16.Grandma’s Gift Store uses the averaging cost flow assumption. Calculate its cost of goods sold for July and its inventory at July 31.

17.By what amount would Grandma’s working capital on July 31 under FIFO exceed working capital using LIFO?