21. Ai the beginning of the yeur, Wildcat Athletic had an inventory of $200,000. uring the y, de compary parchased goods cooting $800,000. widct Adletic mported ending inventory of 530,00 nd sales of $1,000,000, their cost of goods sold and gross peofit rate would be A. $500,000 ad 70% B $700,000 and 30%. C. $500,000 and 30% E. None of the above 22. Which of the following should sot be incladed in the physical inventory of a company? A Goods held on conslgoment from asether company B. Goods in transit from another company shipped FOB shipping point C. Goods shipped on cossigment to another company. D. All of these answer choices should be incloded E. None of the above. 23. ln 2014 Wikhson Company h d Mnda sale' of $1,500,000, de anury 1, 2014, Allo. Doubtful Accounts had a credir balance ot 536,000. During 2014, 560,000 of uncollectibile accot neceivable were writnes o. Past experience indicates that the allowance ahould be 10% of the blance In receivables (percentage of recelivabiles basis)r the accounts eivable balance at December 31 was $400,00what istho mpind atusment to the Allowance fr Dadal Accoun at December 31, 20147 A 5 40,000 D. $ 60,000 E None of the abeve. $150,000 C. $ 64,000 Which ofths following inot property eassified aa property,andmpler? A. Bailding used as a factory B Land used in ordinary business operatioes C. A ck held for resale by an stomoble dealership D. Land improvenent, soch as parking lots and femces L None of he above Financial information is presented below 24, 25. 40,000 85,000 Sales revenue Operating expemses $35,000 Sales returns & allowances 12,000 Cost of goods sold 3,000 Gross peof would be A. $15,000 D. $ 40,000 E None of the above. $ 125,000 $ 140,000