Alison's dress shop buys dresses from McGuire Manufacturing. Alison purchased dresses from McGuire on July 17 and received an invoice with a list price amount of $5,600 and payment terms of 3/10, 1/30. Alison uses the net method to record purchases Alison should record the purchase at: Multiple Choice $5,600. 55,432. Why might a company that uses a perpetual inventory system still do a physical count of inventory at the end of the year? Multiple Choice O To understand whether inventory costs have increased or decreased during the year. To unde Because there is no record of units sold during the year. O Because theft, breakage, and spoilage have not been captured To understand whether the selling prices of inventory have increased or decreased during the year. A co r purchased land, a building, and equipment for one price of $1,100,000. The estimated fair values of the land, building, dement are $137,500, 5962.500, and $275,000, respectively. At what amount would the company record the land? Male Choice O $27500 O $100.000 O $120.000 $10.000 A company purchased new equipment for $66,000. The company paid cash for the equipment. Other costs associated with the equipment were: transportation costs, $1,300; sales tax paid $4,200; and installation cost $3,100. The cost recorded for the equipment ws: o $66,000. o $74,600. o $67,300. o The balance sheet of Cattleman's Steakhouse shows assets of $100,800 and liabilities of $27,000. The fair value of the assets is $108,000 and the fair value of its liabilities is $27,000. Longhorn paid Cattleman's $131,000 to acquire all of its assets and liabilities. Longhorn should record goodwill on this purchase of: Multiple Choice O $33,600 0 $83,600 O $23,000 O $50,000