6. Baker Fine Foods has beginning inventory for the year of $12,000. During the year, Baker purchases inventory for $150,000 and ends the year with $20,000 of inventory Baker will report cost of goods sold equal to: a. $150,000 b. $158,000. c. $142,000. d. $170,000. 7. Inventory records for Dunbar Incorporated revealed the following: Number Unit of Units cost Apr. 1 Beginning Inventory 500 $2.40 2.50 Date Transaction 400 Apr. Purchase 20 Dunbar sold 700 units of inventory during the month. Ending inventory assuming LIFO would be: a. $500 b. $490. c. $470. d. $480 The net book value of a building reported on the balance sheet is: 8. the estimated market value The historical cost minus accumulated depreciation. The realizable value The historical cost minus salvage value a. b. c. d. 9. If total assets of Q Corp are $25,000, total liabilities are $8,500, and capital stock is $10,000, how much are the retained earnings of the Corp? a. $6,500 b. $16,500 c. $26,500 d. cannot be determined from the above information. 10. Richard's Sporting Goods reports net income of $100,000, sales of $500,000, and average assets of $1,000,000. The profit margin is: a, 50% b. 2090 c. 5 times d. 10%