B D H 1. A business has sales of $680,000, net income of $200,000, beginning inventory of $140,000, net purchases of $440,000, and operating expenses of $240,000. What is the value of ending inventory for this business? A. $240,000 B. $300,000 C. $200,000 D. $340,000 2. Buthainah Inc. had inventory that cost $6,000, but had a market value of $6,600 on the balance sheet date. Buthainah plans to sell the inventory for $8,400. As per the lower-of-cost-or-market rule, the value of inventory that should be shown on the balance sheet is A. $2,400 B. $6,000 C. $6,600 D. $8,400 3. Garber Company lends Newell Company S4,000 on April 1, accepting a four-month, 6% interest note. Garber Company prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared? A. Note Receivable 4,000 Cash 4,000 B. Interest Receivable 20 Interest Revenue 20 C. Cash 20 Interest Revenue 20 D. Interest Receivable 80 Interest Revenue 80 A- A Wrap Text A Merge & Center $ - % Conditional Formatting wer the multiple choice questions below by putting an X in the cell to the left of the best answer. For example if you think th B C D E F G H 4. Which of the following should NOT be included in the inventory account of a company? A. Goods held on consignment from another company. B. Goods in transit from another company shipped FOB shipping point. C. Goods shipped on consignment to another company. D. All of these answer choices should be included in the inventory account of a company. 5. If companies have identical inventoriable costs but use different inventory flow assumptions when the price of goods have not been constant, then the A. cost of goods sold of the companies will be identical. B. cost of goods purchased during the year will be identical. C. ending inventory of the companies will be identical. D. net income of the companies will be identical. 6. After completing a bank reconciliation, a journal entry is NOT required for A. outstanding checks. B. an electronic collection of an account receivable by the bank. C. NSF checks. D. bank service charges. 7. Which of the following is the formula to calculate days' sales in inventory? A. 365 days/(cost of goods sold/average inventory) B. 365 days/inventory turnover C. Both A. and B. are correct D. None of the answers above are correct