Crane Companyhas the following data related to an item of inventory:

Inventory, March 1420units@ $2.40Purchase, March 71430units@ $2.50Purchase, March 16260units@ $2.55Inventory, March 31570units

The value assigned to cost of goods sold ifCraneuses FIFO is?

Sheffield Corp.uses the perpetual inventory and the gross method. On March 1, it purchased $75000of inventory, terms2/10, n/30. On March 3,Sheffieldreturned goods that cost $7700. On March 9,Sheffieldpaid the supplier. On March 9,Sheffieldshould credit:

purchase discounts for $1500.

inventory for $1346.

inventory for $1500.

purchase discounts for $1346.

Bramble Corp. factors $5800000 of its accounts receivables without recourse for a finance charge of 6%. The finance company retains an amount equal to 10% of the accounts receivable for possible adjustments. What would be recorded as a gain (loss) on the transfer of receivables?

Gain of $561000.

Loss of $1141000.

Loss of $213000.

Loss of $348000.

Bonita Industriesrecords purchases at net amounts. On May 5Bonitapurchased merchandise on account, $89000, terms 2/10, n/30.Bonitareturned $6000of the May 5 purchase and received credit on account. At May 31 the balance had not been paid.

By how much should the account payable be adjusted on May 31?

$ 0.

$1780.

$1900.

$1660.