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Remaining Time: 31 minutes, 19 seconds. * Question Completion Status: QUESTION 1 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 $6,000 and payment terms of 2/10, n/30. Alison uses the net method to record purchases. Alison should record the purchase at: $5,940. $5,880 $6,000. $6,120. Save Close Window Click Save and Submit to save and submit. Click Save All Answers to save all answers. $230. o ur suiyical equipment would be valued at: $240. $170. $152. QUESTION 3 In a perpetual inventory system, which of the following is recorded at the time of the sale? Sales revenue only. Cost of goods sold only. Both sales revenue and cost of goods sold. Neither sales revenue nor cost of goods sold. QUESTION 4 ation is availab On Iuly 8 a fire destroved the entire merchandise inventorv on hand of Larrenada Wholesale Cornoration The fowing n Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Question Completion Status: Excluded from inventory but deducted trom sales revenue and accounts receivapre. QUESTION 7 Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases listed in chronological order of acquisition): .40 units at $100 per unit 70 units at $80 per unit . 170 units at $60 per unit Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending inventory using the FIFO method is: $650 $1,000 $707. $600. QUESTION 8 Close Windo Sa. Answers Click Save and Submit to save and submit. Click Save All Answers to save all answers, Quesuon Completion Status: $325,000. QUESTION 9 Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: Mar. 10 Mar. 16 Mar. 23 600 gals see gals 600 gals @ @ @ $7.25 $7.30 $7.35 Sales: Mar. 5 Mar. 14 Mar. 20 Mar. 26 4e8 700 500 700 gals gals gals gals Ending inventory assuming LIFO in a periodic inventory system would be: $5,040. $5,055. $5,075. $5,135. Save All Answ. Click Save and Submit to save and submit. Click Save All Answers to save all answers. . $5,055. $5,075. $5,135. QUESTION 10 Poppy Co. uses a periodic inventory system. Beginning inventory on January 1 was understated by $31,700, and its ending inventory on December 31 was understated by 16,200. In addition, a purchase of merchandise costing $21,800 was incorrectly recorded as a $2,180 purchase. None of these errors were discovered until the next year. As a result, Poppy's cost of goods sold for this year was: Understated by $51,320. Overstated by $4,120. Understated by $35,120. Overstated by $35,120. QUESTION 11 Harvey's Junk Jewelry started business January 1, 2021, and uses the LIFO retail method to estimate ending inventory Listed below is data accumulated for the year ended December 31, 2021: Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Cla