AP $2023$ Accounting & Payroll $($JUNE $2023$ BATCH$-$PAYROLLAND ACCOUNTING$)$

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Printing

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B$)$ $$771$

C$)$ $$785$

D$)$ $$1,920$

$14.$ Sales Company Ltd$.$ paid $$10$ wholesale for one unit of inventory for resale in the retail market. The same inventory can now be purchased for $$9.$ The retail sales price of the inventory is $$13,$ however, it normally costs $$2$ to sell each unit. Using the lower$-$of$-$cost$-$and$-$net$-$realizable$-$value rule the inventory would be reported on Sales Company Ltd$.\text{'}$s balance sheet at:

A$)$ $$9$

B$)$ $$10$

C$)$ $$11$

D$)$ $$13$

$15.$ Grasshopper Room Company acquired land and buildings for $$1,500,000.$ The land is appraised at $$475,000$ and the buildings are appraised at $$775,000.$ The debit to the Buildings account will be:

A$)$ $$930,000$

B$)$ $$775,000$

C$)$ $$1,025,000$

D$)$ $$570,000$

$2$ points

$2$ points