24. The term "FOB" denotes a. free on board. b. freight on board. c. free only (to) buyer. d. freight charge on buyer. 25. Which of the following is an inventory costing method? a. Periodic b. FIFO c. Perpetual d. Lower of cost or market 2 Problems- Please show your work end y 1 Service Revenue $16,000. Salaries and Wage Expense $8,400. Maintenance and Repairs Expense $2,500 and Income Tax Expense $1,000. The Statement of Retained Earnings shows an opening balance for Retained Earnings of $20,000 and Dividends of $1,300. 1. The Income Statement for Lost Trails ATV Park for the mo Required: Prepare the closing entries