18.On January 1, 2020, Drie Company started business with inventory on hand of $295,000. The company reported purchases for the year of $1,180,000 and sales of $2,655,000. The value of inventory on hand on December 31, 2020 was $409,000 at end of year prices. The price index for 2020 was 111. What should Drie Company report as their gross profit for 2020 if they use Dollar Value LIFO as their inventory method?

$1,556,550

$1,548,468

$1,180,000

$376,550

15.Tule Co. adopted Dollar Value LIFO on 12/31/2017. Their inventory value that day was $5,899,000. On 12/31/2018, the company reported inventory worth $8,282,000 at end of year prices and the price index was 117. On 12/31/2019, inventory value was $7,220,000 and the price index was 136, and on 12/31/2020, inventory was $12,390,000 with a price index of 143. What should the company report as ending inventory on 12/31/2020? (A 14)

$7,770,535

$8,664,336

$10,107,206

$12,390,000

22.On 8/1/2020, Braxtin Co. assigned $9,647,000 of its accounts receivable as collateral on a $5,800,000 loan. The bank assessed an upfront finance charge of 1% and assigned the loan a 6% interest rate. Based on this information, what would Braxtin Co.'s entry to record the loan on 8/1/2020 include?

Debit Cash for $9,550,530

Debit Interest Expense for $348,000

Credit Loss on Factoring for $96,470

Credit Notes Payable for $5,800,000