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Multiple Choice Questions-Circle the letter of the one correct answer. Bull Company sells irventory to the public. The following information pertains to questions 1 and 2 . The sales price of everything sold to the public was $50,000. Depreciation expense was $5,000. Wages expense was $4,000, cost of goods sold was $22,000. 1. Net income is a. 519,000 b. $28,000 c. $41,000 d. $50,000 2. Gross profit is a. $19,000 b. $28,000 c. $41,000 d. $50,000 3. Which of the following is true about the journal entry for the freight bill for inventory sales and purchases? a. For FOB destination, the debit account is inventory. b. For FOB shipping point, the debit account is delivery expense. c. For FOB destination, the debit account is cost of goods sold. d. For FOB shipping point, the debit account is inventory. 4. Buyer Company purchased inventory from Seller Company on May 1. The price is $600. Terms are 2/10 n 30,FOB shipping point. Payment was made on May 21 . Which of the following is true? a. Proper payment amount is $600 and Seller pays freight. b. Proper payment amount is $600 and Buyer pays freight. c. Proper payment amount is $588 and Seller pays freight. d. Proper payment amount is $588 and Buyer pays freight. 5. Jay Jewelry Store sells jewelry to the public. Jay buys inventory from Big Jewelry Wholesaler. Jay's cost of inventory purchases rose throughout the year. Jay wants to have low net income on this year's income statement. Which method of inventory costing should Jay choose? a. FIFO b. LIFO c. Average cost d. Jay should choose any method of inventory costing. All methods will produce the same nel income