Question 20 Which of the following inventory costing methods requires the calculation of a new average cost after each purchase? specific identification weighted average LIFO FIFO Question 21 20 A company uses the perpetual inventory method. Which of the following entries are necessary to record a 51,200 sale of merchandise on account? The merchandise cost the company $800. Adebit to Accounts Receivable of $1.200 A debit to Cost of Goods Sold at $800 Both above are necessary None of the above F2 F3 F4 F5 F6 FS F8 CLIO @ % & 7 2 3 5 6 if title to merchandise passes to the buyer after the goods leave the seller's place of business, the terms are: FOB Shipping Point. FOB Settlement Point FOB Destination Point FOB Discount Point Question 23 A company sells merchandise for $1,000 on account with terms of 3/10 net/30. Which of the following entries would be made to record the cash receipt for the sale if the payment is received within 10 days? The accounting entry would be a $970 debit to Cast and a $970 Wedit to Accounts Receivable. The accounting entry would be a $1.000 debit to Cash a $30 credit to Accounts Receivable and a 5970 credit to Sates Discounts The accounting entry would be 25970 debit to cash and a $30 debit to Sales Discounts and a $1.000 credit to Accounts Receivable. The accounting entry would be a $970 debit to Accounts Receivable 5970 credit to Cash Question 24 2 pts FT F2 F3 F4 FS F7 79 FB CD F10 0 % & 7 7 2 3 5 6