QUESTION 10 2 points Save and Samuelson and Messenger (S&M) began 2018 with 100 units of its one product. These units were purchased near the end of 2015 for $25 each. During the month of January, 100 units were purchased on January 8 for $25 each and another 150 units were purchased on January 19 for $30 each. Sales of 125 units and 100 units were made on January 10 and January 25, respectively. S&M uses a periodic inventory system Question COGS using the average cost approach would be: $3,393 $2,714 $6,107 none of the above 2 points Save Ane QUESTION 11 Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2019. The units have a list price of $400 each, but Thomas was given a 20% trade discount. The terms of the sale were 2/10, 1/30. Thomas uses a periodic inventory system. Question The journal entries to record a full payment by Thomas on November 26, 2019, using the gross method of accounting for purchase discounts would include: a credit to Inventory of $800 a credit to Purchases of $640 a credit to Purchase Discounts of $540 a credit to Purchase Discounts of $800 Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2019. The units have a list price of $400 each, but Thomas was given a 20% trade discount. The terms of the sale were 2/10,n/30. Thomas uses a periodic inventory system Question The journal entries to record a full payment by Thomas on December 10, 2019, using the net method of accounting for purchase discounts would include: a debit to interest Expense of 5640 a debit to interest Expense of $800 a debit to Accounts Payable of $32000 a debit to Accounts Payable of $31,200 2 points sa QUESTION 13 Tatum Company has four products in its inventory Information about the December 31, 2019, Inventory is as follows: Product Total Cost Total Not Realizable Value 101 $100,000 $100,000 90,000 110,000 103 60,000 50,000 104 45,000 40,000 102 Question "Net Realizable Value' is defined as: 2 points 101 Tatum Company has four products in its inventory Information about the December 31, 2019, Inventory is as follows: Product Total Cost Total Net Realizable Value $100,000 $100,000 90,000 110,000 103 60,000 50,000 45,000 40,000 102 104 Question The book value of inventory at December 31, 2019, assuming the lower of cost and not realizable value rule would be $296,000 $310,000 $265,000 O $280,000 2 points Saved QUESTION 13 Tatum Company has four products in its inventory. Information about the December 31, 2019. Inventory is as follows: Product Total Cost Total Net Realizable Value 101 $100,000 $100,000 102 90,000 110,000 103 60,000 50,000 104 45,000 40,000 Question "Net Realizable Value is defined as: O the expected sale proceeds minus the costs of selling inventory, such as sales commission expected sale proceeds the necessary inventory write-down the costs of selling inventory, such as sales commissions