3 Clarabell Inc uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below Cost Retail 5126,000 5205,000 8 13404 Beginning inventory 430,000 731000 Net purchases Net markups Net markdowns Net sales 57000 23.000 699,000 The conventional cost-to-retail percentage frounded is Multiple Choice 5604 O 62.89 617% 543 2. Ireland Corporation obtained a $64,000 note receivable from a customer on June 30 2016. The note, along with interest at 5%, is due on June 30, 2017 On September 30, 2016, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 9% What amount of cash did Ireland receive from Cloverdale Bank? 8 01:32:20 Multiple Choice $62,664 $58,240 $59.464 564,800 1 Broadway Ltd. purchased equipment on January 1 2014, for $720,000, estimating a 6-year useful life and no residual value. In 2014 and 2015, Broadway depreciated the asset using the straight-line method in 2016, Broadway changed to sum of years digits depreciation for this equipment. What depreciation would Broadway record for the year 2016 on this equipment? (Do not round your depreciation rate.) 8 003267 Multiple Choice 596.000 $120.000 $240.000 5192.000 Inventory records for Herb's Chemicals revealed the following 35 March 1, 2016, inventory 1,000 gallons @ $720 = 57.200 01.29-20 Purchases: Soles: Mar. 10 500 gals @ $725 Mar 5 1400 gals Mar 16 300 gals a $730 Mar. 14 700 gals Mar 23 500 gals @ $735 Mar 20 500 gals Mar 26 700 gals Ending inventory assuming LIFO in a perpetual inventory system would be Multiple Choice O $5060 $4.960 $5140 O $5,080