Help For this question Question Six: If the cost of an item of inventory is $50, the current replacement cost is $45, and the sales price is$65, the amount included in inventory according to the lower of cost or market is----------Question seven: For each of the independent events listed below, analyze the impact on the indicated items at theend of the current year by placing the appropriate code letter in the box under each item.O = item is overstatedU = item is understatedCode:NA = item is not affectedOwner'sCost ofNetEventsAssetsEquityGoods SoldIncome1. A physical count of goods on hand at theend of the current year resulted in some goodsbeing counted twice.2. The ending inventory in the previousperiod was overstated.3. Goods purchased on account in Decemberof the current year and shipped FOB shippingpoint were recorded as purchases, but werenot included in the count of goods on hand onDecember 31 because they had not arrivedby December 31.4. Goods purchased on account in Decemberof the current year and shipped FOBdestination were recorded as purchases, butwere not included in the count of goods onhand on December 31 because they had notarrived by December 31.5. The internal auditors discovered that theending inventory in the previous period wasunderstated $15,000 and that the endinginventory in the current period wasoverstated$25,000.

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Description: Help For this question Question Six: If the cost of an item of inventory is $50, the current replacement cost is $45, and the sales price is$65, the amount included in inventory according to the lower of cost or market is----------Question seven: For

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Question Six: If the cost of an item of inventory is $50, the current replacement cost is $45, and the sales price is $65, the amount included in inventory according to the lower of cost or market is-------------