21. Bell Inc. took a physical inventory at the end of the year and determined that $810,000 of goods were on hand. In addition, the following items were not included in the physical count. Bell, Inc. determined that $96,000 of goods purchased were in transit that were shipped fo.b. destination (goods were actually received by the company three days after the inventory count).The company sold $40,000 worth of inventory fo.b. destination. What amount should Bell report as inventory at the end of the year? A) $946,000. B) S810,000. C) $850,000. D) S906,000 22. Farr Co. adopted the dollar-value LIFO inventory method on December 31, 2016. Farr's entire inventory constitutes a single pool. On December 31, 2016, the inventory was $640,000 under the dollar-value LIFO method. Inventory data for 2017 are as follows: 12/31/17 inventory at year-end prices Relevant price index at year end (base year 2016) $880,000 110 Using dollar value LIFO, Farr's inventory at December 31, 2017 is A) $800,000. B) S880,000. C) $704,000. D) S816,000. Geary Co. assigned $800,000 of accounts receivable to Kwik Finance Co. as security for a loan of S670,000. Kwik charged a 2% commission on the amount of the loan: the interest rate on the note was 10%. During the first month, Geary collected $220,000 on assigned accounts after deducting $760 of discounts. Geary accepted returns worth $2,700 and wrote off assigned accounts totaling $5,960. 23. The amount of cash Geary received from Kwik at the time of the assignment was A) $603,000. B) S654,000. C) $656,600. D) $670,000. 24. For 2017, cost of goods available for sale for Tate Corporation was $2,700,000. The gross profit rte on sales was 20%. Sales for the year were $2,400,000, what was the amount of the ending inventory? A) S480,000. B) SO. C) $540,000. D) $780,000. 25. Lexington Company sells product 1976NLC for $60 per unit. The cost of one unit of 1976NLC is $54, and the replacement cost is $52. The estimated cost to dispose of a unit is $12, and the normal profit is 40%. At what amount per unit should product 1976NLC be reported, applying lower-of-cost-or-market? A) $48. B) $54. C) $52. D) $24