hcards Quizlet 6. Whitney Co's Cost of goods available for sale was $610. Which of the following statements are true? a. If inventory at end of year was $100, the cost of goods sold was $510 b. If inventory at end of year was $100, then cost of golds sold was $710 c. If beginning inventory was $95, then cost of goods sold was $515 d. If beginning inventory was $96, then cost of goods sold was $705 e. None are correct 7. Which of the following would be primarily a merchandising business? a. XYZ Consulting b. XYZ Department store c. XYZ, attorney at law d. XY4accounting service e, none are merchandising businesses 8. Schumacher Co uses the perpetual inventory system, and it engaged in the following transactions during the year. Started business by issuing common stock for $7,500 Pald cash to acquire $5,000 of inventory Sold Inventory that cost $3,000 for $7,250 cash incurred and paid operating expenses $500 The gross margin for the year would be a. $7.250 b. $4,250 c. 58,150 d. $9,350 e none are correct 9. Strand Co uses the perpetual Inventory method. The company purchased an item of inventory for $80 and sold the item to a customer for $120. What effect will the sale have on the company's inventory account balance? a. Decrease by $120 b. Decrease by 580 c. Increase by $40 d. increase by $80 e none are correct 10. Barney Co uses the perpetual inventory system. The company purchased 54000 of merchandise from a Counder terms of 30. The goods were shipped Fosshipping point and shipping cost $150. All of the merchandise purchased was told for $9000 cash. The amount of gross marginis 53,850 b. $4,000 $4,070 d. 54.850 e none are correct