Hello, I need answers for the attached 12 accounting questions. Thank u

1. Nelson Corporation sells three different products. The following information is available on December 31: When applying the lower of cost or market rule to each item, what will Nelson's total ending inventory balance be? $3,4 50 $3,2 25 $3,9 75 $3,3 00 2. IFRS Specific Identification can be used for inventory valuation under a b c d 3. In a perpetual inventory system, a. LIFO cost of goods sold will be the same as in a periodic inventory system. b. average costs are based entirely on unit cost simple averages. c. a new average is computed under the average cost method after each sale. d. FIFO cost of goods sold will be the same as in a periodic inventory system. 4. A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $290 and used FIFO costing, the gross profit for the period would be $11 5. $12 5. $11 0. $10 0. 5. Which of the following companies would most likely have the highest inventory turnover? a. An art gallery. b. An automobile manufacturer. c. A piano manufacturer. d. A bakery. 6. At May 1, 2014, Heineken Company had beginning inventory consisting of 200 units with a unit cost of $7. During May, the company purchased inventory as follows: 400 units at $7 600 units at $8 The company sold 1,000 units during the month for $12 per unit. Heineken uses the average cost method. The value of Heineken's inventory at May 31, 2014 is $1,4 00 $1,5 00 $1,6 00 $9,0 00 7. At May 1, 2014, Heineken Company had beginning inventory consisting of 200 units with a unit cost of $7. During May, the company purchased inventory as follows: 400 units at $7 600 units at $8 The company sold 1,000 units during the month for $12 per unit. Heineken uses the average cost method. Heineken's gross profit for the month of May is $4,50 0 $7,50 0 $9,00 0 $12,0 00 8. Specific Identification must be used for inventory valuation where the inventory items are not interchangeable under a b c d 9. Schrock Company purchases a new delivery van for $60,000. The sales taxes are $4,500. The logo of the company is painted on the side of the van for $1,200. The van's annual license is $120. The van undergoes safety testing for $220. What does Schrock record as the cost of the new van? $66,04 0. $65,92 0. $64,50 0. $63,92 0 10. A plant asset with a cost of $480,000 and accumulated depreciation of $456,000 is sold for $56,000. What is the amount of the gain or loss on disposal of the plant asset? $56,000 loss. $32,000 loss. $32,000 gain. $56,000 gain. 11. Brevard Corporation purchased a taxicab on January 1, 2013 for $25,500 to use for its shuttle business. The cab is expected to have a five-year useful life and no salvage value. During 2014, it retouched the cab's paint at a cost of $1,200, replaced the transmission for $3,000 (which extended its life by an additional 2 years), and tuned-up the motor for $150. If Brevard Corporation uses straight-line depreciation, what annual depreciation will Brevard report for 2014? $5,10 0. $3,90 0. $4,12 5. $4,10 0. 12. Equipment with a cost of $225,000 has an estimated salvage value of $15,000 and an estimated life of 4 years or 10,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 2,700 hours? $56,25 0. $52,50 0. $56,70 0. $54,37 5