23) Given the following data, calculate cost of goods sold using the FIFO costing method. Date 1/1 2/25 5/20 8/15 Item Beginning inventory Purchase of inventory Purchase of inventory Purchase of inventory Purchase of inventory Ending inventory Unit 30 units at $10 per unit 118 units at $12 per unit 27 units at $10 per unit 15 units at $15 per unit 8 units at $18 per unit 16 units 10/17 12/31 C) $809 D) $1079 B) $756 A) $936 24) A company had credit sales of $34,000 and cash sales of $25,000 during the month of May. Also during May, the company paid wages of $24,000 and utilities of $11,000. It also received payments from customers on account totaling $4400. What was the company's net income for the month? D) $59,000 A) $24,000 B) $25,000 C) $94,000 25) The journal entry to record accrued interest on a short-term note payable includes a debit to: A) Interest Expense and a credit to Interest Payable. B) Interest Payable and a credit to Cash. C) Interest Payable and a credit to Notes Payable. D) Interest Expense and a credit to Cash. 26) Margaret Company reported the following information for the current year: Net sales Purchases Beginning Inventory Ending Inventory Cost of Goods Sold $2,900,000 $1,542,000 $285,000 $145,000 45% of sales Industry Averages available are: Inventory Turnover Gross Profit Percentage 5.29 28% How do the inventory turnover and gross profit percentage for Margaret Company compare to the industry averages for the same ratios? (Round inventory turnover to two decimal places. Round gross profit percentage to the nearest percent.) A) Margaret Company has superior gross profit percentage and inferior inventory turnover. B) Margaret Company has inferior gross profit percentage and inventory turnover. C) Margaret Company has superior gross profit percentage and inventory turnover. D) Margaret Company has inferior gross profit percentage and superior inventory turnover. 27) Leno Company sells goods to the Fallon Company for $15,000. It offers credit terms of 5/10, 1/30. If Fallon Company pays the invoice within the discount period. Leng Company will record a dehit to Sash in the