17. Shelby's Company developed the following information about its inventories in applying the lower-of-cost or-market or Net Realizable Value in valuing inventories: Product Cost Market A $110,000 $120,000 80,000 76,000 C 150,000 162,000 If Shelb would be y's Co. applies the LCM/Net Realizable Value, the value of the inventory reported on the balance sheet 18. Mclntyre Company made a purchase of merchandise on credit from Marvin Company on August 8, for S10,000, terms 3/10, n/30. On August 17, McIntyre makes the appropriate payment to Marvin. If perpetual inventory method is used, the entry on August 17 for McIntyre Company is: 19. On July 9, Sheb Company sells goods on credit to Wooley Company for $6,000, terms 1/10, n 60. Sheb receives payment on July 18. The entry by Sheb on July 18 is: 20. Financial information is presented below: S 45,000 9,000 6,000 170,000 87,000 Operating Expenses Sales Returns and Allowances Sales Discounts Sales Revenue Cost of Goods Sold The amount of net sales on the income statement would be 21. Cobb Company's accounting records show the following at the year ending on December 31,2013: Purchase Discounts S 5,600 Freight in Purchases Beginning Inventory 23,500 Ending Inventory Purchase Returns 7,800 250,000 28,800 6,400 able is Using the periodic system,the cost of goods purchased is Cost of goods availab and cost of goods sold is