PAAST Inc. reported total assets of $6,400,000 and net incom…

PAAST Inc. reported total assets of $6,400,000 and net income of $510,000 for the current year. PAAST determined that inventory was understated by $138,000 at the beginning of the year and $60,000 at the end of the year. What is the corrected amount for ending total assets and net income for the year?

PAAST uses the periodic inventory system. For the current mo…

PAAST uses the periodic inventory system. For the current month, the beginning inventory consisted of 480 units that cost $65 each. During the month, the company made two purchases: 720 units at $68 each and 360 units at $70 each. PAAST also sold 1,200 units during the month. Using the average cost method, what is the amount of ending inventory?