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The following lots of a particular commodity were available for saie during the yea: The firm uses the perlodic system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to nearest doliar according to the average cost method? Do not round intermediste calculations: a. 51.318 b. 51,290 c. 51.152 a. 51,294 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale af May 20 using the Fifo inventory cost method. a. 5179 b. 510 ? c. 5117 d. 5209 Merchandise is sold for cash. The selling price of the merchandise is 35,100 and the sale is subject to a 8% state sales tax. The journal eatry to treard the sale would include a credit to a. Caih foe 55,408 b. Canh for 53,100 C. Sales for \$5,308 d. Selea Tax Peanble for 340 s A $128 petty cash fund has cash of $21 and receipts of $111. The journal entry to replenish the account would include a 3. crodit to Peaty Cab for SIII b. credit to Cah for 5128 C. debit to Caah for 321 d. credit to Cash Shont and Over for 54 A 60 -day, 12% note for $20,400, dated May 1 , is received from a customer on account. The maturity value of the note is a. $20,400 b. $22,848 c. $20,808 d. $408