Can someone please help me with the following questions? No explination needed, only the correct answer so I can double check my answers

82. Refer to the Fix-It Hardware example. A growing firm is contemplating switching from a FIFO to a LIFO cost flow assumption for inventories and cost of goods sold because it has recently experienced increasing manufacturing costs for its products and anticipates a prolonged period of increasing quantities and manufacturing costs in the future. The firm wishes to know which of the following statements about the effect of the switch to LIFO is/are correct, relative to remaining on FIFO (ignore income tax effects):

a. the current ratio will be higher.

b. the inventory turnover will be lower.

c. the cost of goods sold to sales percentage will be lower.

d. all of the above.

e. none of the above.

12. The principle for cost inclusion is that the balance sheet amount for inventory should include all costs incurred to

a. acquire goods, only.

b. prepare the goods for sale, only.

c. acquire goods and prepare them for sale.

d. acquire goods, prepare them for sale, and transport them to the buyer.

e. acquire goods, prepare them for sale, and sales commissions.

97. On August 1, Covington Motors pays 18,000 for insurance coverage for the next 12 months. On August 1, the firm records the following journal entry:

a. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000

Insurance Expense . . . .. . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . 18,000

b. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000

c. Insurance Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000

Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000

d. Liability for Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000

e. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 18,000

Liability for Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 18,000

98. On August 1, Covington Motors pays 18,000 for insurance coverage for the next 12 months. On August 1, the firm records the following journal entry:

Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000

At the end of each of the next 12 months, the firm records the following adjusting entry:

a. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500

Insurance Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . 1,500

b. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500

c. Insurance Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500

Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500

d. Liability for Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,500

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500

e. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 1,500

Liability for Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500

99. Focus Company sells merchandise with a one year warranty. In 2013, sales consisted of 2,500 units. It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014. In the 2013 income statement, Focus should show warranty expense of

a. $25,000

b. $7,500

c. $17,500

d. $0

e. $12,500