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9. Red Rose Company purchased goods of 30,000 in cash from XYZ. The freight cost of the goods is 1,000. If shipping terms were FOB Destination, what entry should be made in Red Rose journal book to record the freight cost? a. Debit to Freight-Out Expense 1,000; Credit to Cash 1,000 b. Debit to Inventory 1,000; Credit to Cash 1,000 c. Debit to Inventory 30,000; Credit to Cash 30,000 d. No entry to be recorded 140 2. Almalki Enterprise had the following balances and transactions for the month of August, 2017 as follows: Units per unit price Balance, 8/1/2017 100 75 Purchase, 8/15/2017 100 65 sale, 8/18/2017 Under the Periodic Inventory system and FIFO costing method, what would the company's ending inventory amount be on August 31, 2017? a. 10,500 b. 9.100 c. 3,900 d. 4,500 3. Using the same data in question 2. If the Enterprise uses Average-cost method rather than FIFO (Under the Periodic Inventory system), what would the company's cost of good sold amount be on August 31, 2017? (to the nearest dollar)? a. 6,000 b. 9,800 c. 9,600 d. 14.000 4. When Inventory errors Overstate ending Inventory in the Income Statement that will understate: a. Net Income b. Equity. c. Assets. d. Cost of Good Sold 5. If the ending Inventory in 2017 overstated, the equity in 2018 will: a. Overstate. b. Understate c. Not affect d. None of the above