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At the beginning of 2020, Venture Apparel has an inventory of $1,000,000. Because sales growth was strong during 2019, the owner wants to increase inventory on hand to $1,400,000 at December 31, 2020. If net sales for 2020 are expected to be $7,000,000, and the gross profit rate is expected to be 45%, compute the cost of the merchandise the owner should expect to purchase during 2018. Select one: a. $4,250,000 O b. $3,550,000 c. $7,400,000 O d. $3,850,000 Avis Computers started the year with no batteries on hand and purchased 2,000 batteries on January 5 at a per-unit cost of $50, and another 2,000 units on January 31 at a per-unit cost of $65. In the period from February 1 through year-end, the company sold 3,000 units of this product for $75 per unit. (i). Assume that Avis uses the FIFO flow assumption. The cost of the units in inventory at year-end is Select one: O a $50,000 b. $75,000 c. $65,000 O d. $57,500 On May 22, 2020, Colossal Corporation purchased machinery for $80,000. The useful life of this machinery is estimated at 10 years, with a $10,000 residual value. (i). Assume that Colossal uses straight-line depreciation and the half-year convention. Depreciation expense on this machinery will be: Select one: O a $4,000 in 2020 and $8,000 in 2021 O b. $3,500 in 2020 and $7,000 in 2021 O c. $8,000 in 2020 and $8,000 in 2021 O d. $7,000 in 2020 and $7,000 in 2021 On November 17, 2020, Ice Corporation invested $700,000 in short-term available-for-sale marketable securities. The market value of this investment was $730,000 at December 31, 2020, but had slipped to $725,000 by December 31, 2021. (1). In financial statements prepared on December 31, 2020, Ice Corporation reports: Select one: a. Investments in Marketable Securities at $730,000, and a $30,000 realized gain/loss. O b. Investments in Marketable Securities at $730,000, and a $30,000 unrealized gain/loss. c. Investments in Marketable Securities at $700,000, and a $30,000 unrealized gain/loss. O d. Investments in Marketable Securities at $700,000 and a $30,000 realized gain/loss. At the end of January, the unadjusted trial balance of Conway, Inc. included the following accounts: Unadjusted Trial Balance January 31, 2019 Debit Credit Sales (80% represent credit $800,000 sales) Accounts Receivable $100,000 Allowance for Doubtful $500 Accounts (ii). Conway uses the income statement approach in estimating uncollectible accounts expense, and uncollectible accounts expense is estimated to be 1% of credit sales. What is the amount of uncollectible accounts expense recognized in Conway's income statement for January? Select one: a. $7,500 O. $5,900 c. $6,400 O d. $8,000 Which of the following credit terms is the most advantageous to the purchaser of merchandise? Select one: a. 1/10, n/40. O b. 4/10,n/20. O c. 2/10, n/30, d. 4/10, n/30