1 points QUESTION 5 A company had $270,000 in sales; $150,000 in goods available for sale; ending finished goods inventory of $30,000, and selling and administrative expenses of $65,000. Which of the following statements is true (2 marks)? The gross income was $93,000 b. The beginning finished goods inventory is not determinable. The costs of goods sold was $137,000 d. Net income was 28% of sales QUESTION 7 Answer questions 49 & 50 using the information below: Whilewells Ltd had at the beginning of 2014 a work in progress of 5.000 units. During 2019,65 000 additional units were started into production. Ending work in progress on 31st December, 2014, was 12.000 units. The beginning work in progress was 100% complete as to direct materials and son complete as to conversion costs. The ending work in progress was 100% complete as to direct materials and 80% complete as to conversion costs. Total direct materials put into work in progress cost 77,500. Total conversion costs put into process costs were 105,375. Beginning work in progress cost 33,500, of which 20,250 was for materials and 13,250 for conversion. All materials are added at the start of the production process, and conversion costs are incurred uniformly throughout manufacturing Whilewells Ltd uses a weighted average process cost system. What is the total cost assigned to Whilewells Ltd's ending work in progress inventory at the end of 2014 (2 marks)? 31.875 37,357 233,614 433.100 QUESTION 8 Hong Kong Ltd has provided the following data for the current fiscal period: Sales Selling price Variable cost per unit Fixed cost 5,000 units $80 $55 $25,000 The company's CEO believes that if the sales volume will remain constant next year, the contribution margin per unit can be increased by 20%, and total fixed cost can be reduced by 10%, in which case the operating profit will (2 marks): Decrease by 22,500 Increase by $27,500 Increase by $22,500 d. Decrease by $27,500