Blackboard Remaining Time: 59 minutes, 06 seconds. Question Completion Status: - decreases net income affects the net realizable value of accounts receivable QUESTION 17 Which of the following inventory costing methods uses the cost of the most recent purchases to compute the cost of goods sold? first-in, first-out Last-in, first-out specific identification weighted average QUESTION 18 For the year ended December 31, 2019, Davidson Mart had sales of $800.000 and cost of goods sold of $500,000. Davidson estimates that approximately 2% of the merchandise sold will be returned. The adjusting journal entry on December 31, 2019, would be Accounts Receivable 16.000 Sales Revenue 16,000 10.000 Sales Revenue Cost of Goods Sold 10,000 Click Save and Submit to save and submit. Click Save All Answers to see all ans. Save All Answers MacBook go * 888 11 F4 FS F 12 * ! 1 # 3 $ 4 % 5 & 7 6 8 ON N Blackboard naining Time: 58 minutes, 56 seconds. stion Completion Status: Sales Revenue 16.000 10,000 Sales Revenue Cost of Goods Sold 10,000 800,000 Sales Revenue Merchandise Inventory 800,000 500,000 Estimated Returns Inventory Refunds Payable 500,000 16,000 Sales Returns and Allowances Cost of Goods Sold 10,000 16.000 Merchandise Inventory Accounts Receivable 10,000 16,000 Sales Revenue Refunds Payable 16,000 10,000 Estimated Returns Inventory Cost of Goods Sold 10,000 Click Save and Submit to save and submit. Click Save All Answers to see all answers, Save All Answer MacBook 67 F3 FI FS F4 FL 16 A * # 3 $ 4 % 5 & 7 2 6 8 9