D Question 9 Donaldson Corp. reported the following amounts in its 2020 financials: Sales revenue $580,000 70,000 Advertising expense Interest expense 14,000 Salaries expense 65,000 Utilities expense 35,000 Income tax expense 35,000 Cost of goods sold 170,000 What was Donaldson Corp's gross profit? $226,000 O $191,000 $580,000 O $410,000 Question 10 3 pts The following are a list of charges paid by Patrick Weapons Dealer during the month of July. Which of the listed charges would be recorded with a debit to Inventory 1. Purchase of 30 Surface to Air Missiles - $45,000 2. Freight-in for delivery of Missiles to their warehouse in Omaha Nebraska - $2,000. 3. Sales Commission paid to Sales Team for successful sale of all Missiles - $450,000 4. Freight charges paid to deliver missiles to the buyer, the Australian Royal Navy . $25,000 Costs for items 1, 2, and 4 only would be debited to inventory O Costs for items 1, 2, and 3 would all be debited to inventory All costs would be debited to inventory Costs for items 1 & 2 only would be debited to inventory. 3 pts Which of the following responses is false regarding Last-in-first-out (LIFO) and Fist-in-first-out (FIFO) inventory cost flow assumptions under GAAP? In a period of rising costs, LIFO results in the lowest net income In a period of rising costs, LIFO results in the lowest ending inventory In a period of rising costs, LIFO results in the highest Net Income In a period of rising costs, FIFO results in the highest ending inventory Question 12 3 pts Which of the following cash transactions would result in a negative reconciling item when reconciling from the bank statement balance to the reconciled cash balance? An EFT payment for utilities Outstanding checks the company wrote that haven't cleared the bank. Bank service fees. Interest earned on the bank account balance. > 3 pts Question 13 Charles Goodson, Inc. sold inventory for $2,800 that it purchased for $1,700. Assuming Charles Goodson, Inc. uses a perpetual inventory system, which of the following entries will Charles Goodson, Inc. make when it records the sale? Debit to Cost of Goods Sold $1,700 Debit to Inventory $1.700 Credit to Sales Revenue $1.700 O Credit to Gross Profit Revenue $1,100