11.At January 1, 2017, the beginning balance in the supplied account was $1,000. During 2017, Clarke Shop purchased supplies at a cost of $18,000. For 2017, supplies expense was $17,000. How much "Supplies" are on hand as of December 31, 2017?

Group of answer choices

a. $16,000

b. $3,000

c. $17,000

d. $2,000

12.

Floors, Inc. offers terms of 3/10, n/30 to credit customers. Tile Magic Corp. purchased 100 tile cutters with a list price of $20 each on August 5, on account. If Tile Magic Corp. pays the amount of the invoice for its purchase within the discount period, how much cash will Floors receive from Tile Magic Corp.?

Group of answer choices

a.$1,940

b. $1,764

c $2,000

d. $1,960

13.

During a period of increasing cost prices, which inventory costing method will yield the highest cost of goods sold?

Group of answer choices

a. FIFO

b .LIFO

c. Weighted Average cost

d. Any method in which the company uses

14.

Adam Inc. uses a perpetual inventory system.

Jan. 1	On hand, 10 units at $2 each	$20
4	Sold 8 units for $10 each	80
22	Purchased 50 units at $4 each	200
26	Sold 49 units for $10 each	480

If Adam uses the FIFO method, how much is cost of goods sold for the month of January?

Group of answer choices

a. $208

b. $560

c $212

d. $204