four accounting questions

inventory method, accounting records maintain a continuously updated inventory Under the value. A. periodic B. physical C. perpetual D. retail The following lots of a particular commodity were available for sale during the year: Beginning inventory First purchase Second purchase Third purchase 5 units at $61 15 units at $63 10 units at $74 10 units at $77 The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year What is the amount of cost of good sold for the year according to the average cost method? a $1,375 b.$1,380 c.$1,510 d.$1,250 Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. The Pound Co. paid the invoice within the discount period. What is the sales amount to be recorded in the above transactions? a $26,010 b.$16.000 C. $24.990 d. $25,500 Merchandise inventory at the end of the year was inadvertently overstated. Which of the following statements correctly states the effect of the error on net income, assets, and owner's equity? A net income is overstated, assets are overstated, and owner's equity is overstated B. net income is understated, assets are understated, and owner's equity is overstated C.net income is understated, assets are understated, and owner's equity is understated D. net income is overstated, assets are overstated, and owner's equity is understated States) Focus