Can someone please help me with these?

46. In periods of rising purchase prices and increasing inventory quantities, LIFO results in a _____ than either FIFO or the weighted-average cost-flow assumption.

a.	higher cost of goods sold; lower reported periodic income; lower current income taxes
b.	lower cost of goods sold; lower reported periodic income; lower current income taxes
c.	higher cost of goods sold; higher reported periodic income; lower current income taxes
d.	higher cost of goods sold; higher reported periodic income; higher current income taxes
e.	a lower cost of goods sold; higher reported periodic income; higher current income taxes

54. Cox Merchandising Company began the year with merchandise inventory of $60,000, ended the year with merchandise inventory of $70,000, and had cost of goods sold of $110,000. What was the Cox Merchandising Company's net purchases for the year?

a.	$100,000
b.	$110,000
c.	$120,000
d.	$130,000
e.	none of the above

Fix-It Hardware

Fix-It Hardware began the month of November with 150 large brass switchplates on hand at a cost of $4.00 each. These switchplates sell for $7.00 each. The following schedule presents the sales and purchases of this item during the month of November.

	Purchases
Date of Transaction	Quantity Received	Unit Cost	Units Sold
November 5			100
November 7	200	$4.20
November 9			150
November 11	200	4.40
November 17			220
November 22	250	4.80
November 29			100

80. Refer to the Fix-It Hardware example. If Fix-It uses FIFO inventory pricing, the value of the inventory on November 30 would be

a.	$936
b.	$1,046
c.	$1,076
d.	$1,104
e.	$1,204

81. Refer to the Fix-It Hardware example. If Fix-It uses weighted average inventory pricing, the gross profit for November would be

a.	$1,046
b.	$1,482
c.	$1,516
d.	$1,574
e.	$1,146

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.

83. Refer to the Fix-It Hardware example. If Fix-It uses (periodic) LIFO inventory pricing, the cost of goods sold for November would be

a.	$2,416
b.	$2,474
c.	$2,508
d.	$2,584
e.	$2,684

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