Question 79 (1 point) Cost of Goods Sold is calculated from the following equation: A) sales + gross profit - ending inventory + beginning inventory. B) beginning inventory - cost of goods purchased + ending inventory. C) sales - (cost of goods purchased + beginning inventory - ending inventory). D) beginning inventory + cost of goods purchased - ending inventory. Question 80 (1 point) Which of the following accounts would not likely need to be directly adjusted at year-end? Allowance for Doubtful Accounts Prepaid Insurance Deferred (unearned) Revenue Supplies (asset) Equipment Question 81 (1 point) A machine that cost $72,000 has an estimated residual value of $6,000 and an estimated useful life of 5 years or 30,000 hours. Using the units-of-production method, the depreciation expense for the second year, during which the machine was used 5,000 hours, would be A) $11,000. B) $12,000. C) $13,200. D) $14,400