Name Accounting 1A-Final Esam Maltiple Choles TThe folkow ing kots of a particular commondity were available for sale durin the year 10 units at 560 25 unis s6s 30 units at 568 15 units at $75 First purchase Third purchase The firm uses the periodic system and there are 25 units of the commodity on hand at the end of the yur What is the amount of the inventory at the end of the year using the FIFO methwod? a. $1,575 b. $1,805 e. $1,685 d. $3,585 2. What is the amount of the inventory at the end of the year using the LIFO method? a. $1,8os b. $1,685 c. $1,575 d $3,815 3. A 60day, 12% note for $7,000, dated April 15, is received from a customer on account. The face v the note is a. $7,840 b. $6,860 c. $7,140 d. $7,000 4. To record estimated uncollectible receivables using the allowance method, the adjusting entry debit to Loss on Credit Sales and a credit to Accounts Receivable. b. debit to Accounts Receivable and a credit to Allowance for Doubtful Accounts a. debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable. d. debit to Bad Debs Expense and a credit to Allowance for Doubtful Accounts c. The accounting cycle requires three trial balances be done. In what order should they be a. Post-closing, unadjusted, adjusted b. Unadjusted, post-closing, adjusted c. Unadjusted, adjusted, post-closing . Post-closing, adjusted, unadjusted