1. The Cardinal Company had a finished goods inventory of 55,000 units on January 1. Its projected sales for the next four months were: January - 200,000 units; February - 180,000 units; March - 210,000 units; and April - 230,000 units. The Cardinal Company wishes to maintain a desired ending finished goods inventory of 20% of the following month's sales.

Determine the budgeted units of inventory for March 31.

Question 5 options:

	46,000
	36,000
	cannot be determined from the data given
	42,000

2. The Common Stock account for Baltimore Corporation on January 1, 2020 was $50,000. On July 1, 2020 Baltimore issued an additional 10,000 shares of common stock. The Common Stock is $5 par. There was neither Preferred Stock nor any Treasury Stock. Paid in Capital Excess to par Common Stock was $20,000 on January 1 and $40,000 on July 2 and net income was $135,000. Use this information to determine for December 31, 2020 the amount of Earnings per Share (rounded to the nearest cent).

3. On June 1, 2019 Adelphi Corporation issued $300,000 of 6%, 10-year bonds. The bonds which were issued at 99, pay interest on January 1 and June 1. Use this information to calculate the amount of bond discount or premium that is amortized with each interest payment. Enter as a whole number (no cents).

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