Perfect Pencils maintains its mechanical pencil inventory using the perpetual inventory method. The inventory records for November follow:

Beginning inventory	40 units @ $12.10 each
November 13 purchase	60 units @ $11.60 each
November 26 sale	75 units @ $18 each

Using the LIFO inventory-costing method, how much will Perfect Pencils report as ending inventory at November 30?

Select one:

a. $252.50

b. $787.50

c. $302.50

d. $592.50

On March 13, Caris Cupcakes purchased equipment with an invoice cost of $46,800. The company paid 6.5% sales taxes on the invoice cost and an additional $275 to ship the equipment to the Caris Cupcakes production facilities. On March 28, Caris Cupcakes hired an outside company to train its employees on the new equipment for a cost of $1,200.

How much is the capitalized cost of the equipment for Caris Cupcakes?

Select one:

a. $42,810

b. $51,317

c. $39,000

d. $41,230

On December 30, Diaz, Inc. acquired a 100% ownership interest in Higgins Corporation at a cost of $279,000. Diaz determined that Higginss inventory was undervalued by $18,000 on the acquisition date. Diaz had retained earnings totaling $193,500, common stock totaling $54,000, total assets of $540,000, and total liabilities of $292,500 just prior to the consolidation. Higginss net assets had a book value of $225,000 at the time of acquisition, with $45,000 reported as common stock and $180,000 reported as retained earnings.

How much will Diaz report as goodwill on its consolidated balance sheet immediately after the acquisition?

Select one:

a. $54,000

b. $36,000

c. $72,000

d. $279,000

Stone Inc. issued $24,000 of 6.25% bonds on January 1 at a discount of $1,685. Interest expense reported during the year totaled $1,500, while amortization amounted to $106.

How much is the book value of the bonds on December 31?

Select one:

a. $22,606

b. $22,394

c. $22,421

d. $22,209