MCQ: Choose right Option:

12."Goods on Approval"

		are considered sold when removed from the seller's premises regardless of whether or not legal title has transferred to the buyer.
		should be included in the seller's physical inventory unless legal title has passed to the buyer.
		would be considered inventory of the buyer.
		are not considered to be sold until the buyer has paid a cash deposit to the seller.

14.

Shareek Company uses the periodic inventory system. The following information is available for the year ended March 31:

The cost of goods sold for the period is

		$ 116,500.
		$ 158,500.
		$ 65,000.
		$ 48,500.

17.

Fargone Products began its fiscal year with $ 38,000 in inventory at cost and purchased $ 65,000 of goods during the year. Net sales for the year totalled $ 150,000. Assuming the company has operated with a 35% average gross profit ratio for a number of years, what is the estimated ending inventory using the gross profit method?

		$ 5,500
		$ 50,500
		$ 103,000
		$ 150,000