22) The following data was extracted from the records of Today Company: Sales revenue Beginning inventory 600 units at $45 per unit 110 units at $24 per unit 600 units at $35 per unit Purchases What is the gross profit using the LIFO method? A) $6,000 B) $24,360 C) $21,000 D) $27,000 23) A 30% gross profit percentage means that: A) for each dollar of sales, the company has a cost of goods sold of seventy cents. B) for each dollar of sales, the company has a gross profit of thirty cents. C) for each dollar of sales, the company has a cost of goods sold of thirty cents. D) A and B 24) Lolita Company has the following information: Beginning Inventory Net Purchases Net Sales Gross Profit Percentage $190,000 $420,000 $790,000 40% Lolita Company's estimated ending inventory is: (Round your final answer to the nearest dollar.) A) $136,000. B) $294.000. C) $474,000 D) $610,000 25) The following data are for Jessee's Candy Store for January: Beginning inventory $195,000 Net sales revenue $470,000 Net purchases $615,000 Normal gross profit rate 40% What is the company's estimated cost of goods sold for the month? A) $145,000 B) $188,000 C) $275,000 D) $282,000 Page of 7 19) Tomasino's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10 purchase Van. 22 purchase 90 units at $7 per unit 320 units at $10 per unit 120 units at $11 per unit At January 31, 240 units are still on hand. What is the cost of the ending inventory at January 31 if Tomasino uses the FIFO method? A) $1.680 B) $1,950 C) $2,520 D) $2,130 20) Thelen's inventory records show the following data at January 31: Beginning inventory lan 1 90 units at $9 per unit Jan. 10 purchase 80 units at $12 per unit Jan. 22 purchase 90 units at $13 per unit At January 31, 240 units are still on hand. What is the cost of the ending Inventory at Juary 31 Thelen uses the LIFO method? A) $2,160 B) $2,610 C) $3,120 D) $2,760 21) Given the following data, what is cost of goods sold as determined by the FIFO method? Sales 310 units Beginning inventory 80 units MS7 per unit Purchases 108 8 per unit A) $2,170 B) $2,200 C) $2,278 D) $2.480 MacBook Air 8! TRU Page of 7 | 13) A three months, 12% note for $17,000, dated April 15, is received from a customer. The maturity value of the note is: A) $510 B) $17,000 C) $17,510. D) $19,040. 14) The journal entry to record accrued interest on a note receivable at year end is: Al debit Interest Receivable and credit Interest Revenue B) debit Note Receivable and credit Interest Revenue. C) debit Interest Receivable and credit Note Receivable. D) debit Cash and credit Interest Receivable, 15) The cost of inventory that is still on hand is called A) cost of goods sold, an expense that appears on the balance sheet B) Inventory, a long-term asset that appears on the balance sheet. C) inventory, a current asset that appears on the balance sheet D) purchases, a current asset that appears on the balance sheet 16) Which is the CORRECT order for items to appear on the income statement? A) sales revenue, operating expenses, gross profit, net income B) sales revenue, gross profit, net income, operating expenses C) sales revenue, gross profit, cost of goods sold, operating expenses D) sales revenue, cost of goods sold, gross profit, operating expenses 17) Under the average-cost inventory method, to determine the average cost per unit A) the cost of beginning inventory is divided by the number of units available B) the cost of beginning inventory plus the cost of purchases is divided by the number of units C) the cost of purchases for the period are divided by the number of units available D) the cost of beginning inventory plus the cost of purchases is divided by the number of units available 18) Given the following data, calculate the cost of ending inventory using the average cost method (Round any intermediary and final answers to the decimal places.) Date I tem Unit 11 Beginning inventory units at $20 per unit Purchase of inventory MS10 per unit 5/30 Purchase of inventory 35 M 12 per unit 12/31 n ding inventory A) 5620.10 $309.00 D) $1,120 00 MacBook Air