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ons 4: (6 points) s Company sells TVs. The perpetual inventory was stated as $38,500 on the books at December 31, 17. At the close of the year, a new approach for compiling Inventory was used and apparently a Atisfactory cut-off for preparation of financial statements was not made. Some events that occurred are as ollows. 1. TVs shipped to a customer January 2, 2018, costing $5,000 were included in inventory at December 31, 2017. The sale was recorded in 2018. 2. TVs costing $15,000 received December 30, 2017, were recorded as received on January 2, 2018. 3. TVs received during 2017 costing $4,200 were recorded twice in the inventory account. 4. TVs shipped to a customer December 28, 2017, f.o.b. shipping point, which cost $7,000, were not received by the customer until January, 2018. The TVs were included in the ending inventory 5. TVs on hand that cost $4,000 were never recorded on the books. Instructions Compute the correct inventory at December 31, 2017 Question 5: (8 points) At a lump-sum cost of $58,000, Polly Company recently purchased the following items for resale: Item Quantity of Items Purchased Resale Price Per Unit 5,000 $3.75 2,400 12.00 6,000 Calculate the appropriate cost per unit of inventory by allocating the cost to each Item: "Q", "R" and "S" 6.00

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