1.At December 31, 2014 Cooper Company's inventory records indicated a balance of $500,000. Upon further investigation it was determined that this amount included the following:

• $80,000 in goods sold by Cooper with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th.
• $208,000 in inventory purchases made by Cooper shipped from the seller 12/27/14 terms FOB destination, but not due to be received until January 2nd
• $54,000 of goods held on consignment for Dollywood Company

What is Cooper's correct ending inventory balance at December 31, 2014?

$158,000

$238,000

$446,000

$366,000

2.During 2014, ABC Inc. had sales on account of $500,000, cash sales of $319,000, and collections on account of $216,000. In addition, they collected $6,900 which had been written off as uncollectible in 2013. As a result of these transactions the change in the accounts receivable indicates a

$603,000 increase

$596,100 increase

$284,000 increase

$277,100 increase

3.At March 1,2014,Candy Inc.had supplies on hand of $8,300.During the month,Candy purchased supplies of $4,600and used supplies of $1,200. The March 31 balance sheet should report what balance in the supplies account?

$11,700

$7,100

$3,400

$12,900

4.ABC Company collected $3,600 in May of 2013 for 6 months of service which would take place from September of 2013through February of 2014.The revenue reported from this transaction during 2013would be:

$1,800

$2,400

$0

$3,600