ncements ions: 0 Question 5 BobCat Industries had the following inventory transactions occur during 2022: February 1, 2022 March 14, 2022 May 1, 2022 Purchase Purchase: Purchase Units 22 36 26 Cost per Unit $51 $53 $55 2 pts The company sold 70 units at $60. Assuming the company uses the LIFO Cost Flow Assumption, what Bahamut's COGS? "Round to the nearest whole dollar" O $3.746 O $3,690 O $3.717 O $714 Question 8 BFFSu Corp. just began business and made the following four inventory purchases in June: June 1 June 10 June 15 June 28 Total Units Purchased 150 Units 200 Units 200 Units: 150 Units 700 Units Total Total Amount Value: $1,040 $1,560 $1,680 $1,320 $5,600 (Total Inv Value) 2 pts A physical count of merchandise inventory on June 30 reveals that there are only 150 units on hand. If Odin uses the FIFO inventory method, what is the value of the ending inventory? O $1,040 $1,560 O $1.320 O $1,200 Question 9 2 pts On August 1st, Shiva, Inc. paid $27,600 to Landlord Realty for 12 months rent beginning on October 1st. The company did the correct recording on August 1st. If financial statements are prepared on December 31st, the adjusting journal entry (AJE) to be made by Shiva is: O increase Rent Expense $27,600, Decrease PrePaid Rent $27.600 O Increase Rent Expense $27,600, Decrease Cash $27,600 O Increase Rent Expense $6,900, Decrease PrePaid Rent $6,900 O Increase Rent Expense $9,200, Decrease PrePaid Rent $9,200 D Question 11 Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Revenue Cost of Goods Sold. Based on this information - what is gross profit? O 39,000 O 48,000 O 52.000 O 45,000 38,000 9,000 4,000 150,000 98,000 2 pts Question 12 2 pts Ifrit Incorporated reports a beginning balance in their Supplies account of $4,100. During the accounting period they purchased additional supplies of $2,120. A physical count of inventory at the end of the period revealed supplies on hand of $1,870. Supplies Used for the period is: Remember Beg. +,+, End O $4,350 O $4,100 O $5,580 O $2,230 Question 13 2 pts Hawthorne Company's unadjusted book cash balance at September 30, 2022 is $9,700. The company's bank statement revealed a handful of items: The first is bank service charges of $60. Secondly the statement reflects $10 in interest earned on it's checking account. Finally, there's a credit for $1,000 which represents an account receivable collection the bank made for Hawthorne. Based on this information, Hawthorne's true cash balance is: O 9,640 O None of the above 9,650 O 10,650 Question 15 2 pts Ramuh Company collected $9,200 in May of 2022 for 5 months of service which would take place from September of 2022 through January of 2023. The revenue reported from this transaction during 2022 would be: $7,360 $1,840 $0 O $9,200 D Question 16 2 pts BobCAT Inc. had the following company transactions during 2022: Paid $8,000 and recorded salaries expense Recorded $24,000 in Sales on account Paid off a $3,000 account payable. Accrued $1000 in advertising expense Lastly, at the end of the year the company purchased a laptop for $2,000. The company treats it as a long term resource to use in its production processes for more than a year. What is Bundy's net income using accrual accounting? (Hint: Remember when revenue and expenses are recognized!) O 13,000 O 15,000 O 22,000 O 10,000 Question 23 2 pts. On December 31, 2022. Wilco Company's Accounts Receivable balance was $70,000 and the balance in the Allowance for Doubtful Accounts was $6,000. Write offs for the year were $1,000. What is the net realizable value of Accounts Receivable as of December 31, 2022? O 64,000 O 69,000 O 63,000 O 65,000 ints D C Question 27 2 pts Leviathan Company paid $12.600 on April 1, 2022 for insurance coverage for a one year period beginning that date. The adjusting entry required to record insurance expense on December 31, 2022 would have what effect on the financial statements? Assets Liability Equity Revenue Expense Net Income Cash Flow A (9,450)- NA (9.450) NA 9.450 (9.450) NA B. (1.050)- NA (1,050) NA 1,050 (1,050) NA C(8,100) - NA (8.100) NA 8,100 (8,100) NA D.(8.100) (8,100) NA (8,100) NA 8,100 (8.100) OA "NOTE!! Answer choices are shuffled. Be certain you've selected the correct answer choice" CO Choice A O Choice B O Choice C O Choice D Proctorio is sharing your screen Stop sharing Hide Question 28