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On May 28, XYZ Company purchased inventory for $29,000 on account. The discount terms were 6/20, n/50. XYZ Company paid one-fourth of its bill on

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On May 28, XYZ Company purchased inventory for $29,000 on account. The discount terms were 6/20, n/50. XYZ Company paid one-fourth of its bill on June 3, paid one-half of its bill on June 19, and paid the final one-fourth of its bill on July 1. Calculate the total amount of cash paid by XYZ Company for its purchase of inventory. Watrous Company uses the net credit sales method to estimate bad debt expense and has estimated that 4% of its credit sales will be uncollectible. During 2028, Watrous reported net credit sales of $480,000 and collected a total of $430,000 cash from its credit customers. Also during 2028, Watrous wrote off $22,000 of accounts receivable as being uncollectible and recorded recoveries of previously written off accounts receivable totaling $13,000 (note that the $13,000 recovery is not included in the $430,000 of cash collections given previously). At January 1, 2028, Watrous Company reported accounts receivable of $167,000 and had an allowance for doubtful accounts with a $28,000 credit balance. Calculate the net realizable value of Watrous Company's accounts receivable at December 31, 2028. ABC Company employs a periodic inventory system and reported the following inventory information for the month of March: March 1 Beginning inventory 3,600 units @ $14 cost per unit March 14 Purchased 2,800 units @ $11 cost per unit March 19 Purchased 4,100 units @ $19 cost per unit March 22 Purchased 2,200 units @ $6 cost per unit March 29 Purchased 3,300 units a $13 cost per unit Using the weighted average method, ABC Company's cost of goods sold for March totaled $101,144. Calculate the dollar amount of ending inventory shown on ABC Company's March 31 balance sheet using the FIFO method. ABC Company employs a periodic inventory system and sells its inventory to customers for $28 per unit. ABC Company reported the following inventory information for the month of May: May 1 Beginning inventory 5,100 units @ $11 cost per unit May 3 Purchased 2,200 units @ $18 cost per unit May 11 Sold 4,300 units May 16 Purchased 2,500 units @ $16 cost per unit May 19 Sold 2,400 units May 22 Purchased 3,100 units @ $22 cost per unit May 26 Sold 1,900 units May 28 Purchased 1,200 units @ $14 cost per unit ABC Company reported operating expenses of $34,000 for May and they had an income tax rate of 37%. Calculate the amount of net income shown on ABC Company's income statement for May using the LIFO method

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