Question 13 (1 point) Which of the following is a correct statement regarding methods to speed up the collection of cash from receivables? A) Factoring is used frequently by companies since it is an inexpensive way to raise cash OB) Credit Card Fee is reported on the income statement The company that factors its receivables maintains control over the collection process. D) Credit card companies will charge a fee of 20-30% of the total amount of the sale. Question 14 (1 point) The following data are for Upholstery Limited for January 2020: Beginning $25.000 Inventory Net sales 85.000 revenue Net purchases 35,000 Gross profit percentage 30% What is the company's estimated cost of goods sold for the month? Al $15.000 B) $25.500 C) $59.500 D) $42.000 Question 15 (1 point) In a merchandising business, gross profit is equal to sales revenue minus: A) the sum of cost of goods sold, operating expenses, and prepaid expenses B) cost of goods sold the sum of cost of goods sold and operating expenses D) the sum of cost of goods told and sales commissions Question 16 point Given the following data, what is cost of woods sold as determined under the FIFO Question 16 (1 point) Given the following data, what is cost of goods sold as determined under the FIFO method? Sales revenue Beginning inventory Purchases 350 units at $35 per unit 120 units at $15 per unit 400 units at $20 per unit A) $7.000 B) $4,600 OC) $5,250 OD) $6,400 Question 17 (1 point) When using the weighted-average cost method to determine the cost of inventory sold, the weighted average cost per unit is calculated as the A cost of goods in ending inventory divided by the number of units in ending inventory B cost of goods sold divided by the number of units sold C) cost of goods sold divided by the average number of units in inventory Dj cost of goods available for sale divided by the number of units available for sale Question 18 (1 point) in a time of increasing inventory costs. FIFO gives us a higher COGS number compared to the weighted average method. True False Question 19 (1 point Which of the following would not be included in the Machinery account? A cont of insurance while the machinery k in transit On cost of a maintenance Insurance to atter the machinery k up and running al cost of installing the machinery Di cost of transporting the machinery to its setup location