Question 52 (2 points) The Martingrove Co. counted and valued its inventory at year-end, and found $55685 worth. However, their accounting system showed that there were two purchases that had not yet arrived. One had been shipped FOB destination, for $7155, and the other had been shipped FOB shipping point, for $5470. In addition, two sales made on the last day of the year would not have reached the customers. One, for $2780, was shipped FOB destination, and the other, for $6155, was shipped FOB shipping point. What is the company's correct inventory value? A/ Question 53 (1 point) Which of the following questions would the tax advisor of a business be most likely to ask? a) Can the business pay its existing bank loan, or borrow more? b) Is each division of the business profitable? c) Can the business pay the increased wages that the union is demanding? d) Has the business filed its income tax returns correctly and on time? e) Is the business profitable enough to pay dividends? Question 54 (1 point) Kipling Ltd. sells inventory FOB shipping point on December 29, and the goods are received on January 3. The company records the transaction in December. Which of the following statements about qualitative characteristics or assumptions is correct? a) Unit-of-measure is followed b) Faithful is followed c) Timely is violated d) Relevant is violated e) Verifiable is violated Question 55 (2 points) Kipling Inc. purchased a machine on May 31 for $64000, paying cash. The company also paid $500 for freight, $800 for installation and testing, $700 for employee training, $300 for supplies to be used in production, and $1200 for a one-year insurance policy. The machine has a residual value of $6000 and a useful life of 5 years. What is this machine's acquisition cost