Q6-46. Lakeside Software began January with $3,900 of merchandise inventory. During January, Lakeside made the following entries for its inventory transactions: How much was Lakeside's inventory at the end of January? a. $4,300 c. $0 b. $9,900 d. $6,000 Q6-47. What was Lakeside's gross profit for January? a. $7,500 c. $1,900 b. $0 d. $5,600 Q6-48. The word market as used in "the lower of cost or market" generally means a. net realizable value. c. retail market price. b. liquidation price. d. original cost. Q6-49. The sum of ending inventory and cost of goods sold is a. net purchases. b. beginning inventory. c. cost of goods available (or cost of goods available for sale). d. gross profit. Q6-46. Lakeside Software began January with $3,900 of merchandise inventory. During January, Lakeside made the following entries for its inventory transactions: How much was Lakeside's inventory at the end of January? a. $4,300 c. $0 b. $9,900 d. $6,000 Q6-47. What was Lakeside's gross profit for January? a. $7,500 c. $1,900 b. $0 d. $5,600 Q6-48. The word market as used in "the lower of cost or market" generally means a. net realizable value. c. retail market price. b. liquidation price. d. original cost. Q6-49. The sum of ending inventory and cost of goods sold is a. net purchases. b. beginning inventory. c. cost of goods available (or cost of goods available for sale). d. gross profit