5. The seller's journal entry to record the sale of merchandise on account includes a: A) Credit to Purchases (CA) B) Debit to Inventory (CA) C) Debit to Accounts Receivable (CA) D) Credit to Cost of Goods Sold (Exp) Final Answer: Inventory 6. Maercker Company reported the following year-end amounts: Net Sales $105,000 15.300 Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit 67,500 ? 42,900 What is Maercker Company's Ending Inventory and Cost of Goods Sold for the year? A) Ending Inventory $20,700; Cost of Goods Sold $62,100 B) Ending Inventory $17,800; Cost of Goods Sold $40,400 C) Ending Inventory $ 9,900; Cost of Goods Sold$62,100 D) Ending Inventory $17,500; Cost of Goods Sold $40,400 7. The following inventory was available for sale during the year for Thomasina Tools: Beginning inventory First purchase Second purchase Third purchase 10 units at $ 80 15 units at $110 30 units at $140 20 units at $130 Thomasina has 25 units on hand at the end of the year. What is the dollar amount of inventory at the end of the year according to the first-in, first- out (FIFO) inventory cost flow assumption? A) $3,300 B) $5,950 C) $3,150 D) $3,900 Final