33. White Corporation uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2020 was $320,000. The balance in the same account at the end of 2021 is $480,000. White's Cost of Goods Sold account has a balance of $2,400,000 from sales transactions recorded during the year. What amount should White report as Cost of Goods Sold in the 2021 income statement? A) $2,240,000. B) $2,240,000. C) $2,560,000. D) $2,880,000. 34. Bell Inc. took a physical inventory at the end of the year and determined that $780,000 of goods were on hand. In addition, Bell, Inc. determined that $60,000 of goods that were in transit that were shipped f.o.b. shipping point was received two days after the inventory count and that the company had $90,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year? A) $780,000. B) $860,000. C) $870,000. D) $930,000. 35. Muckenthaler Company sells product 2005 WSC for $30 per unit. The cost of one unit of 2005WSC is $27, and the replacement cost is $26. The estimated cost to dispose of a unit is $6, and the normal profit is 40%. At what amount per unit should product 2005 WSC be reported, applying lower-of- cost-or-market? A) $12. B) $24. C) $26. D) $27. 36. In 2022, Larue Co., a manufacturer of chocolate candies, contracted to purchase 250,000 pounds of cocoa beans at $4.00 per pound, with delivery to be made in the spring of 2023. Because a record harvest is predicted for 2023, the price per pound for cocoa beans had fallen to $3.30 by December 31, 2022. Of the following journal entries, the one which would properly reflect in 2022 the effect of the commitment of Larue Co. to purchase the 250,000 pounds of cocoa is A) Cocoa Inventory Accounts Payable 1,000 1,000 B) Cocoa Inventory 825,000 Loss on Purchase Commitments 175,000 Accounts Payable 1,000 C) Unrealized Holding Gain or Loss-Income 175,000 Estimated Liability on Purchase Commitments 175,000 D) No entry would be necessary in 2022