Assume Baker Co has a beginning inventory of $20,000, purchases of $40,000, and cost of goods sold of $33,000. What is Baker's ending inventory? O $60,000 $27,000 O $13,000 $93,000 Assume that the net sales of a company are $100,000, cost of goods sold is $52,000, and operating expenses are $22,000. What would be the income from operations reported on the company's multi-step income statement? O $30,000 O $48,000 O $78,000 O $26,000 1.0 point possible (graded) Lighting Co purchases $500 of lanterns on account on July 5, with credit terms of 5/10, n/30. Ignoring shipping terms, what is the journal entry that Lighting Co. will record for the purchase of lanterns? Dr Accounts Payable 475; Cr Inventory 475 Dr Inventory 500; Cr Cash 500 O Dr Inventory 475; Cr Accounts Payable 475 O Dr Inventory 500; Cr Accounts Payable 500 Reynolds Co. purchases inventory costing $1,000 on account on July 5, with credit terms of 3/10, n/30. On July 13, Reynolds Co. bays for the inventory purchased. What is the journal entry that Reynolds Co. should record on July 13? O Dr Accounts Payable 970, Cr Cash 970 O Dr Accounts Payable 1,000, Cr Inventory 30; Cr Cash 970 O Dr Purchase Discounts 30; Dr Accounts Payable 970; Cr Cash 970 O Dr Accounts Payable 1,000; Cr Purchase Discounts 30; Cr Cash 970 O Dr Accounts Payable 1,000, Cr Cash 1,000 EdFex ships goods to its customer, Telga, with terms FOB destination point. Which of the following expectations is true? O EdFex is not responsible for the loss of the goods while it is in transit EdFex owns the goods while in transit o Telga shows the goods as its inventory on its balance sheet while it is in transit o Telga is responsible for the shipping costs