PROF. K. JEFFERS ASA COLLEGE ACC 160 In its first year, FiCo, which uses the perpetual method and records purchases at net. buys two lots of sweaters, 1/10, n/30: one lot on March 10 for $4,000, paying the invoice on March 16: a second Jot on June 25 for $2.000, paving the invoice on July 9. If no sweaters are sold from March through July, what is the balance in FiCo's Inventory 6. account on July 31? a. $6.000 $5,980 b. $5,960 d. $5.940 7. Your firm, which uses the perpetual method, purchases $10,000 of inventory, 2/10, n/30 You debit Inventory for 89,800 and credit Accounts Payable for $9,800. If the merchandise is paid for within the discount period, you will debit to Accounts Payable for $9,800. debit to Purchase Diacounts Lost for 8200. a. b. credit to Purchase Discounts Lost for $200. d. c. credit to Inventory for $200. Under the periodie method, the year-end adjusting entry for inventory affects only the income statement. only the balance sbeet. 8. a. b. both the income statement and the balance sheet. d. C. none of the above. Which account balance is missing in this computation of cost of goods sold? 9. Beginning Inventory Purchases Goods Available for Sale ?????xx.XXx) Cost of Goods Sold XX.XXX X.XXX XX.XXX , Purchase Returns and Allowances b. a. Freight Ending Inventory d. c. Sales Returns and Allowances 10. The following account balances appear on a year end trial balance: Merchandise Inventory, $65,000: Purchases, $250,000: Sales, $600,000: Freight-in, $8,500: Sales Returns and Allowances, $7,000: and Purchase Returns and Allowances, $4,000. Ending inventory is $45,000. What is the cost of goods sold? $278,500 b. a. $274,500 $270,000 d. $318,500 C