1. Noel's Used Cars uses the specific identification method of costing inventory. During March, Noel purchased three cars for $8,000, $10,000, and $13,000, respectively. During March, two cars are sold for $11,000 each. Noel determines that at March 31, the $13,000 car is still on hand. What is Teds gross profit for March?

a. $4,000.

b. $9,000.

c. $3,000.

d. $1,000.

2. Kenny Inc. took a physical inventory at December 31, 2016 and determined that 395,000 of goods were on hand. In addition, the following items were not included in the physical count: (1) 60,000 of goods were in transit, shipped f.o.b. destination (goods were received by Kenny three days on January 3, 2017) and (2) the company shipped f.o.b. destination 25,000 worth of inventory on December 29. The goods arrived at the buyers place of business on January 2, 2017. What amount should Kenny report as inventory at the end of 2016?

a. 420,000.

b. 395,000.

c. 455,000.

d. 480,000.

3. At December 31, 2017, Ansan Corporation has 9,800 units of model 63 and 7,000 units of model 64 in its ending inventory. Specific data with respect to each product follows:

Model 63 Model 64

Historical cost W7,800 W8,700

Net realizable value 7,700 8,800

What amount will be reported for inventory on Ansan's statement of financial position after the company applies LCNRV?

a. W136,360,000.

b. W138,040,000.

c. W151,900,000.

d. W137,060,000.