1 . A firms beginning inventory is $36,000, goods purchased during the period cost $121,000, and the cost of goods sold for the period is $141,000. What is the amount of its ending inventory?

A) $46,000

B) $20,000

C) $26,000

D) $16,000

2.

Your store buys ice cream at a cost of $6.00 a half gallon and sells it for $13.00 a half gallon. Selling, general, and administrative expenses are $2.55 per half gallon. Which of the following statements is correct?

A) The difference between the selling price and the cost is recorded in the Net Profit account.

B) Your gross profit per half gallon is $4.45.

C) Your gross profit per half gallon is $7.00.

D) The difference between the selling price and the cost is recorded in the gross profit account.

3.

The following information applies to the questions displayed below.]

A company reported the following:

Cost of Goods Sold	$264,000
General, Selling and Administrative Expenses	13,000
Income Tax Expense	7,800
Inventory	27,500
Net Income	82,400
Sales Revenue	375,000
Sales Discounts	4,900
Sales Returns and Allowances	2,900

Required information

What is the amount of gross profit?

A) $95,400

B) $111,000

C) $103,200

D) $90,200

4.

Beginning inventory plus purchases equals:

A) ending inventory.

B) cost of goods sold.

C) goods available for sale.

D) net purchases.

5.

Thompson Company had beginning inventory of $6,000, cost of goods sold of $14,000, and ending inventory of $8,000. Purchases were:

A) $12,000.

B) $10,000.

C) $9,000.

D) $16,000.