Copy Look Up Translate Speak Share... ARM Inc. began in December 2021 holding 10 units of inventory that cost $50 each. During the month, ARM bought and sold inventory as follows: Dec.3 Sold 8 inits for $100 each. Dec.16 Purchased 10 units at $56 each. Dec.23 Sold 8 units for $100 each. ARM uses perpetual inventory system and FIFO method. How much is the gross profit for the company? Select one: a. 848 b. 1600 c. 764 d. 836 > ABC Co.'s December 31 bank statement indicated a cash balance of $9,610, while the cash ledger account on that date shows a balance of $7,430. Additional information necessary for the reconciliation is shown below: Outstanding checks totaled $2,417. - A $500 check mailed to the bank for deposit had not reached the bank at the statement date. -The bank statement showed $30 interest earned on the bank balance for the month of July. Check 781 for supplies cleared the bank for $268 but was erroneously recorded in our books as $240. - A $486 deposit by Acme Company was mistakenly credited to our account by the bank. Which transactions should be adjusted in ABC Co.'s accounting system? Select one: a. deposit in transit and recording error b. deposit in transit and interest c. bank error and interest d. interest and recording error