Madison Co. has determined its year-end inventory on a LIFO cost basis to be $629,000. Information pertaining to that inventory is as follows: Selling price $729,000 Costs to sell $34,500 Normal profit margin $84,500 $609,000 Replacement cost What should be the reported LCM value of Madison's inventory? Select one: A. $609,000. B. $629,000. C. $694,500. D. $610,000 on 17 Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: t ered s out of Flag stion Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Year 1 Year 2 $120,000 $130,000 250,000 275,000 370,000 405,000 130,000 135,000 $240,000 $270,000 Lucia Company made two errors: 1) ending inventory at the end of Year 1 was understated by $15,000 and 2) ending inventory at the end of Year 2 was understated by $6,000. Given this information, the correct cost of goods sold for Year 2 would be: Select one: A. $264,000 B. $291,000 C. $249,000 D. $279,000 E. $285,000 As of January 1, 2021, Barley Co. had a credit balance of $530,000 in its allowance for uncollectible accounts. Based on experience, 1% of Barley's year-end gross accounts receivable are generally uncollectible. During 2021, Barley wrote off $660,000 of accounts receivable. Barley's gross accounts receivable before the write off was $18,500,000. In its December 31, 2021, balance sheet, what amount should Barley report as allowance for uncollectible accounts? Select one: O A. $55,000. B. $185,000. C. $178,400. O D. $315,000. Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $109 per unit 82 units at $81 per unit 173 units at $66 per unit Sales for the year totaled 270 units, Ending inventory using the FIFO method is approximately: Select one: A. $1040. B. $990. O C. $1137 D. $1650. Northwest Fur Co. started 2021 with $101,000 of merchandise inventory on hand. During 2021, $550,000 in merchandise was purchased on account with credit terms of 1/15, n/45. Merchandise with an invoice amount of $4400 was returned for credit. All discounts were forfeited. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $7500 on the purchases. Cost of goods sold for the year was $368,000. Northwest uses a perpetual inventory system. Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale? Select one: O A. $654,100. B. $648,644 O C. $648,600. o D. $649,000