1.

2.

Camping Gear, Inc. had 200 units of inventory on hand at the end of the year. These were recorded at a cost of

$ 16 each using the lastminus in, firstminusout (LIFO) method. The current replacement cost is

$ 14 per unit. The selling price charged by Camping Gear, Inc. for each finished product is

$ 21.As a result of recording the adjusting entry as per the lowerminusofminuscostminusorminusmarket

rule, the gross profit will?

3. A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 2/15, n/30. The company paid $100 cash for freight in. The entry to record the payment of the invoice within 15 days of the invoice date by the purchaser would include ________. (Assume a perpetual inventory system.)

4.

Your Business Advisor, a consulting company, uses reversing entries. On March 31, 2018, the bookkeeper journalized and posted the following adjusting entry to accrue Utilities Expense

Utilities Expense	400
Utilities Payable		400

Which of the following entries is the correct reversing entry to be prepared on April 1, 2018?

5.

A company that uses the periodic inventory system provided the following information:

1. Beginning inventory $4,000

2. Purchases $150,000

3. Purchase discounts $2,300

4. Purchase returns and allowances $700

At the end of the period, the physical count of inventory reveals that $17,000 worth of inventory is on hand. What is the amount of cost of goods sold?

A customer returned merchandise purchased with cash with a sales price of $4,500. The cost of goods was $1,800. Which of the following represents the correct way to record this transaction? OA. Sales Returns and Allowances 4.500 Cash 4,500 Estimated Returns Inventory 1,800 Merchandise Inventory 1.800 O B. Refunds Payable 4,500 Sales Revenue 4,500 Merchandise Inventory 1.800 Estimated Returns Inventory 1,800 O C. Sales Revenue 4,500 Cash 4,500 Merchandise Inventory 1,800 Cost of Goods Sold 1,800 O D. Refunds Payable 4.500 Cash 4,500 Merchandise Inventory 1,800 Estimated Returns Inventory 1.800