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46. Automobile Audio has the following inventory data: Nov. 1 Inventory 8 Purchase 17 Purchase 25 Purchase ?0 units @ $4.00 each 120 units @$4.30 cach 60 units @ $4.20 each 90 units@ $4.40 each units on hand. Ending inventory under FIFO is merchandise inventory on November 30 reveals that there are 100 A) $846 B) $421 C) $863 D) $438 orporation returned $150 of goods originally purchased on credit from Morgan the periodic Inventory approach, Turner would record this transaction 47. Tuner C Industries Using A) Accounts Payable 150 150 Purchase Returns and B) Purchase Returns and Allowances C) Inventory D) Accounts Payable Accounts Payable Accounts Payable Inventory 150 150 150 150 150 150 48. Jamison, Inc. is a regional air cargo carrier. Jamison made a $4,500 improvement to one f its airplanes, If Jamison's accountant expensed this amount, which of the following statements is true? A). The entry will overstate the balance sheet for the year B) C) D) The entry will improperly understate net income for the year The entry will improperly overstate net income for the year. The entry is the correct treatment. 49. Equipment costing $210,000 was destroyed when it caught on fire. At the date of the fire, the accumulated depreciation on the equipment was $84,000. An insurance check for $240,000 was received based on the replacement cost of the equipment. The entry to record the insurance proceeds and the disposition of the equipment will include a A) credit to the Accumulated Depreciation account for $84,000. B) gain on disposal of $30,000. C) gain on disposal of $114,000. D) credit to the Equipment account of $126,000. Version 1 Page 12