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here you go, It should give me an option to put in 15 dollars this time.

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Use the following data for the next 5 questions Marie Co. uses a periodic inventory system. The purchases of a particular product during 2008 are shown below: Date DescripTon Units Unit Cost ±otal Cost Jan. 1 Beginning inventory 600 $9.00 $5,400 May. 18 Purchase 500 $9.50 4,750 June. 11 Purchase 700 $10.00 7,000 Nov. 23 Purchase 200 $10.25 2,050 Total 2,000 $19,200 During the year, 1,050 units were sold at $22 each. Ending inventory contains 950 units. Income tax rate is 30%. 1. Refer to the above data. Compute the cost of the ending inventory based on the LIFO method of inventory valuation. a. $9,675 b. $10,475 c. $8,725 d. $9,525 e. None of the above 2. Refer to the above data. Compute the gross margin for 2008 based on the LIFO method of inventory valuation. a. $12,275 b. $12,625 c. $13,375 d. $13,575 e. None of the above 3. Refer to the above data. Compute the cost of the ending inventory based on the FIFO method of inventory valuation. a. $9,675 b. $10,475 c. $8,725 d. $9,525 e. None of the above 4. Refer to the above data. Compute the cost of goods sold for the current year based on the FIFO method of inventory valuation. a. $9,675 b. $10,475 c. $8,725 d. $9,525 e. None of the above 5. Refer to the above data. Compute the cost of goods sold based on the average-cost method of inventory valuation. a. $8,250 b. $10,080 c. $9,120 d. $10,560 e. None of the above 6. All of the following accounts normally have debit balances except: a. Sales returns & allowances b. Dividends c. Transportation-in d. Purchases e. All of the above accounts normally have debit balances 7. Mary Pizza reports net sales of $1,000,000, cost of goods sold of $550,000, and net income of $80,000. The company’s gross margin is: a. $450,000 b. $920,000 c. $370,000 d. Some other amount 8. Ace Shop uses a periodic inventory system. The beginning inventory was $20,000, purchases amounted to $110,000, sales totaled $215,000, and the year-end inventory was $25,000. The cost of goods sold must have been: a. $105,000 b. $110,000 c. $100,000
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d. Some other amount 9. Blue Company had accounts receivable of $400,000 and an allowance for doubtful accounts of $17,000 just before writing oF as worthless an account receivable from Red Company of $2,400. The net realizable values of the accounts receivable before and after the write-oF were: a. $400,000 before and $397,600 after b. $417,000 before and $414,600 after c. $383,000 before and $380,600 after d. $383,000 before and $383,000 after e. None of the above 10. At December 31, before adjusting and closing the accounts had occurred, the Allowance for Doubtful Accounts of Andy Corporation showed a debit balance of $12,900. An aging of the accounts receivable indicated the amount probably uncollectible to be $21,000. Under these circumstances, a year-end adjusting entry for bad debts expense would include a: a. Debit to Bad Debts Expense of $12,900 b. Debit to Bad Debts Expense of $8,100 c. Credit to the Allowance for Doubtful Accounts for $21,000 d. Credit to the Allowance for Doubtful Accounts for $33,900 e. None of the above Use the following information to answer the next 5 questions The following adjusted balance information is taken from the books of Elise Company on December 31, 2008: Bad Debt Expense 50 Allowance for Bad Debts 40 Cash 1,750 Sales Returns and Allowances 20 Sales Discounts 10 Purchases Returns and Allowances 10 Sales 2,200 Inventory, 1/1/2008 200 Equipment 1,000 Accumulated Depreciation 400 Retained Earnings, 1/1/2008 500 Common Stock 1,800 Purchases 900 Insurance Expense 80 Selling Expense 60 Purchases Discounts 20 Depreciation Expense 200 Prepaid Insurance 230 Administrative Expense 90 Transportation - in 80 Accounts Receivable 800 Accounts Payable 500 Inventory, 12/31/2008 300 11. Total current assets on December 31, 2008 balance sheet are: a. $ 2,820 b. $ 3,040 c. $ 3,120 d. $ 2,740 e. None of the above 12. Total assets on December 31, 2008 balance sheet are: a. $ 3,340 b. $ 4,640 c. $ 3,640 d. $ 3,420 e. None of the above 13. Cost of Goods Available for Sale for 2008 is: a. $ 1,250 b. $ 1,150 c. $ 950 d. $ 1,070 e. None of the above 14. Cost of Goods Sold for 2008 is: a. $ 950 b. $ 770 c. $ 650 d. $ 850 e. None of the above 15. Net Income for 2008 is: a. $ 1,060 b. $ 1,320 c. $ 840 d. $ 890
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Use the following data for the next 5 questions Marie Co. uses a periodic inventory system. The purchases of a particular product during 2008 are...
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