1 Last year the Grace Company had net sales of $900,000 and a gross profit of $380,000 Cost of goods available for sale totaled $1,010,000, and ending inventory was $490,000 If purchases for the year were $800,000, what was the amount of beginning inventory a $520,000 b $280,000 c $210,000 d $310,000 e None of these 2 Freight in costs should be a borne by the buyer if the F O B terms are destination b borne by the buyer if the F O B terms are shipping point c borne by the seller regardless of F O B terms d equally shared by buyer and seller 3 Adjusting entries are made in order to satisfy the a consistency principle b objectivity principle c matching principle d materiality principle e adjustment principle

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1  Last year the Grace Company had net sales of $900,000 and a gross profit of $380,000  Cost of goods available for sale totaled $1,010,000, and ending inventory was $490,000  If purchases for the year were $800,000, what was the amount of beginning inventory  a  $520,000 b  $280,000 c  $210,000 d  $310,000 e  None of these  2  Freight in costs should be  a  borne by the buyer if the F O B  terms are destination b  borne by the buyer if the F O B  terms are shipping point c  borne by the seller regardless of F O B  terms d  equally shared by buyer and seller 3  Adjusting entries are made in order to satisfy the  a  consistency principle b  objectivity principle c  matching principle d  materiality principle e  adjustment principle

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1. Last year the Grace Company had net sales of $900,000 and a gross profit of $380,000. Cost of goods available for sale totaled $1,010,000,

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