39. During 2017, Yakov Enterprises generated revenues of $100,000. The companys expenses were as follows: cost of goods sold of $55,000, operating expenses of $20,000 and a loss on the sale of equipment of $4,000.

Yakovs gross profit is a. $24,000. b. $27,000. c. $35,000. d. $45,000.

40. Cobb Company's accounting records show the following at the year ending on December 31, 2015:

Purchase Discounts $ 11,200 Freight - In 15,600 Purchases 402,000 Beginning Inventory 47,000 Ending Inventory 57,600 Purchase Returns 12,800

Using the periodic system, the cost of goods sold is a. $378,000. b. $393,600. c. $383,000. d. $404,200.

43. Partridge Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 375 @ $14 17 250 @ $10 25 250 @ $11 29 260 @ $16

Partridge does not maintain perpetual inventory records. According to a physical count, 365 units were on hand at January 31.

The cost of the inventory at January 31, under the FIFO method is: a. $4,015. b. $3,285. c. $3,650. d. $3,900.

44. Partridge Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 375 @ $14 17 250 @ $10 25 250 @ $11 29 260 @ $16

Partridge does not maintain perpetual inventory records. According to a physical count, 365 units were on hand at January 31.

The cost of the inventory at January 31, under the LIFO method is: a. $3,285. b. $3,525. c. $4,015. d. $3,900.

45. At May 1, 2015, Kibbee Company had beginning inventory consisting of 200 units with a unit cost of $7. During May, the company purchased inventory as follows: 800 units at $7 600 units at $8 The company sold 1,000 units during the month for $12 per unit. Kibbee uses the average cost method. The value of Kibbees inventory (rounded) at May 31, 2015 is a. $4,425. b. $3,000. c. $4,500. d. $7,500.

46. Green Company's records indicate the following information for the year: Merchandise inventory, 1/1 $ 400,000 Purchases 2,500,000 Net sales 4,000,000 On December 31, a physical inventory determined that ending inventory of $450,000 was in the warehouse. Green's gross profit on sales has remained constant at 40%. Green suspects some of the inventory may have been taken by some new employees. At December 31, what is the estimated cost of missing inventory? a. $40,000 b. $50,000 c. $75,000 d. $100,000