If Cineo Enterprise has 9,000 units on hand at December 31, the cost of the inventory under the periodic Average method is a. $105,948 b, $107.465 c. $108,841 d. $106,962 4. The formula for calculating Cost of Goods Sold using the periodic inventory method is a. Purchases+ Goods Available for Sales- Ending Inventory. b. Goods Available for Sales +Purchases Ending Inventory e. Beginning Inventory +Purchases-Ending Inventory d. Ending Inventory+Purchases -Purchase Returns 5. St. Jago Textiles decides to sell $845,140 of its accounts receivable to Premiere Factors Inc. what is the cash who assesses a service charge of 3% of the amount of receivables sold, amount Premier Factor Inc. will pay St. Jago Textiles? a. $835,114 b. $845,140 C. $819,786 d. $815,347 6. Receivables are frequently classified as? a. accounts receivable and general receivables. b. accounts receivable, notes receivable, and employee receivables. c. accounts receivable, notes receivable, and other receivables. d. accounts receivable, company receivables, and other receivables. 7. Manufacturing companies usually classify inventory unto three categories? T. F. 8. Cash (net) realizable value is the net amount the company expects to receive in cash. 9. Allowance for Doubtful Accounts is a. an operating expense. b. a contra asset account. c. added to Accounts Receivable on the balance sheet. d. closed at the end of the fiscal year 10. The direct write-off method a. is acceptable for financial reporting purposes. b. estimates bad debt losses. c. debits Allowance for Doubtful Accounts to record write-offs of accounts. d. shows only actual losses from uncollectible accounts. ACCOUNTING 101 SPRING 2018 PAGE | 2