Question 25

Q: A company issues 10,000 shares of common stock. The par value is $3 per share, and the shares are sold for $20 per share. How much should additional paid-in capital (APIC) be credited?

	A.	$30,000
	B.	$20,000
	C.	$200,000
	D.	$170,000

1 points

Question 26

Q: ABC Corp. has 110 units of inventory. 50 were purchased on April 15 and have a unit cost of $5.00. 60 were purchased on May 1 and have a unit cost of $5.20. On May 3, ABC sells 55 units of this product. Using the LIFO (last-in, first out) cost flow assumption, what COGS should ABC recognize for the sale on May 3 of 55 units?

	A.	302.50
	B.	300.50
	C.	286
	D.	290

1 points

Question 27

Crivitz TV Company purchases three identical 50-inch TVs on different dates at costs of $700, $750, and $800. After the last purchase, Crivitz sells two sets at $1,200 each. What should be the value of the one TV set left in Crivitz's inventory after that sale?

	A.	$700
	B.	$750
	C.	$800
	D.	Answer will depend on the cost flow assumption adopted.