A firm receives a six-month note from a customer. The note has a face amount of $4,000 and an interest rate of nine percent. What is the total amount of interest to be received? Select one: $1,080 $30 $360 $180 Question 14 Not yet answered Marked out of 1.00 P Flag question Smith & Sons sells old clocks. The company had the follow transactions: April 1, Beginning Inventory: 20 clocks @ $100 each = $2,000 April 10, Purchase: 10 clocks @ $125 each = $1,250 April 20, Purchase: 10 clocks @ $120 each = $1,200 April 25, Sales of inventory 25 clocks @ $500 Calculate the company's cost of goods sold using LIFO. Select one: 0 $1,825 $2,950 $1,500 $2,625 $4,450 o Question 15 Not yet answered Marked out of 1.00 P Flag question Smith & Sons has been selling clocks for $500 each that had cost $150. By year end, the replacement cost of the clocks had declined to $125, and consequently, the company decided to reduce its selling price to $450. At what value should the company's inventory of clocks be valued at on December 31, its year end? Select one: 0 $125 o $150 $450 There is insufficient information to answer this