300 3531 10 2 7.750 CIDO comentary on June Jo reveals that there are 350 ton hand the Inwestory method, the total of ENDING INVENTORY for June SHO SHO 1x thing the Faro inventory method, the COST OF GOODS SOLD for lune is 56.30 S14100 $200 SI1050 19. Using the average cost method, the cost of ENDING INVENTORY (rounded to the nearest penny) is: 57.589 56,950 $7.500 d. 58.200 e $7.771 20. If the month end bank statement shows a balance of $36,000. outstanding checks are $10,000, a deposit of $4,000 was in transit a month end, and a check for $600 was incorrectly charged by the bank against the account, the correct balance in the bank account at month end is a. $29.400 $30,000 c. $36,000 d. $30,600 b. 21. Ir net sales are $420,000 and the gross profit rate is 40%, what is the gross profit? $420,000 6 $232,000 c. $588,000 d. $168,000 a. 22. Ray Company purchased merchandise on credit from Tyree Corporation on August 3 for $7,000, terms 2/10,n/45. August 10, Ray makes the appropriate payment to Tyree. The entry on August 10 for Ray Company will include: A debit to Accounts Payable for $7,000 and a credit to Cash for $7,000 b. A debit to Accounts Payable for $6,860 and a credit to Cash for $6,860 c. A debit to Accounts Payable for $7,000, a credit to Purchase Returns for $140, and a credit to Cash for $6,86 d. A debit to Accounts Payable for $7,000, a credit to Inventory for $140, and a credit to Cash for $6,860 23. The freight cost incurred by the seller on outgoing merchandise Reduces gross profit b. is used in the calculation of net sales Is part of cost of goods sold d. Is an operating expense . C