1. Gabel Co. adopted DV LIFO at the end of 2017 when its INV was reported at $300K. At the end of 2018, Gabels INV was $347,750. The index for 2018 was 107.

What is Gabels INV at year-end 2018 under DV LIFO? (Round answer to the nearest dollar.)

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2. Gabels INV at year-end 2019 was $363,000, and the index was 110. What is Gabels INV at year-end 2019 under DV LIFO? (Round answer to the nearest dollar.)

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3. Gabels INV at year-end 2020 was $359,100, and the index was 114. What is Gabels yearend 2020 INV under DV LIFO? (Round answer to the nearest dollar.)

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4. Gabels INV at year-end 2021 was $394,400, and the index was 116. What is Gabels yearend 2021 INV under DV LIFO? (Round answer to the nearest dollar.)

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5. Gabel has the following items: expenses on its income statement ($86K), increase in prepaid expenses ($18K), increase is accrued expenses ($15K). What were Gabels cash disbursements for expenses?

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6. Gabel reported a net loss on the income statement of $23K. In the journal entry to close this Income Summary, which account will be debited?

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7. For #6, what is the dollar amount in that journal entry?

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8. Gabel has the following items for October:

Beginning Balance INV (90 units @ $11), purchase on October 2 (300 units @ $12), purchase on October 10 (400 units @ $13), purchase on October 18 (350 units @ $15), purchase on October 25 (550 units @ $17),

sale on October 5 (225 units @ $24), sale on October 15 (450 units @ $24), sale on October 21 (375 units @ $24), sale on October 28 (400 units @ $24).

Assume Gabel uses a perpetual LIFO system. What is Gabels ending INV?

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9. For #8, assume Gabel uses a periodic average cost system. What is Gabels Cost of Goods Sold? (Round answer to the nearest dollar.)

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10. For #8, assume Gabel uses a moving average cost system. What is Gabels Cost of Goods Sold? (Round answer to the nearest dollar.)