Dosuu 27. Mansfield Company has a periodic inventory system and uses the LIFO method to assign costs to inventory and cost of goods sold. Consider the following information: Cost per unit SS Date January 1 October 2 December 5 Description of units Beginning inventory 100 Purchase Sales 14 105 What amounts would be reported as the cost of goods sold and ending inventory balances for the period? A. Cost of goods sold $625; Ending inventory $175 B. Cost of goods sold $755; Ending inventory S225 C. Cost of goods sold $550; Ending inventory S250 D. Cost of goods sold 5600; Ending inventory S200 28. A company lent $10,000 to an employee who signed a 9%, 6-month promissory note. The entry made by the company to record this loan to the employee will include a: A. debit to Accounts Receivable for $10,000. B. credit to Sales for $10,000. C. debit to Notes Receivable for $10,000. D. credit to Notes Payable for $10,000. 29. A company has long-lived tangible assets with a cost of $3.5 million; its Accumulated Depreciation account has a balance of S1.1 million. Which of the following statements is correct? A. The book value of long-lived assets is $2.4 million. B. The market value of long-lived assets is 53.5 million. C. The carrying value of long-lived assets is $3.5 million D. The resale value of long-lived assets is $2.4 million. 30.XYZ Company bought a new delivery truck for $65,000. They estimate it will last 5 years and have a residual value of $5,000. The journal entry to record depreciation will include: A. A credit of $13,000 to accumulated depreciation. B. A credit of $12,000 to accumulated depreciation C. A debit of $13,000 to accumulated depreciation. D. A debit of $12,000 to accumulated depreciation. E. A credit of $13,000 to depreciation. expense