Riverside Software began January with $3,600 of merchandise inventory. During January, Riverside made the following entries for its inventory transactions: (Click the icon to view the transactions.) How much was Riverside's inventory at the end of January? Data Table . . . . . O A. $4,500 X Data Table O B. $6,800 O C. $0 O D. $10,400 Accounts Debit Credit Inventory 6,800 Accounts Payable 6,800 Accounts Receivable 7,600 Sales Revenue 7,600 Cost of Goods Sold 5,900 Inventory 5,900 Print DoneUse the following data of Snyder Company: a (Click the icon to View the data.) Snyder's ending inventory using the FIFO method would be: 0 A. $1,500. Data Table 0 B. $1,800. 0 C. $7,400. Total 0 D. $9,200. Units Unit Cost Cost Beginning inventory $ 100$ 2,000 Purchase on July 3 120 7,200 Sales ? ? Use the following data of Snyder Company: (Click the icon to view the data.) Snyder's cost of goods sold using the LIFO method would be: X O A. $7,200. Data Table O B. $7,400. O C. $7,475. Total O D. $7,700. Units Unit Cost Cost Beginning inventory 20 $ 100 $ 2,000 Purchase on July 3 60 120 7,200 Sales 65 ? ? Print DoneIn a period of rising prices, O A. net income under LIFO will be higher than under FIFO. O B. LIFO inventory will be greater than FIFO inventory. O C. gross profit under FIFO will be higher than under LIFO. O D. cost of goods sold under LIFO will be less than under FIFO.The word market as used in "the lower of cost or market" generally means 0 A. liquidation price. 0 B. retail market price. 0 C. original cost. 0 D. net realizable value. The following data come from the inventory records of Donoghue Company: a (Click the icon to view the data.) Based on these facts, the gross prot for Donoghue Company is O A. $183,000. Data Table 0 B. $198,000. 0 C. $190,000. Net sales revenue 628,000 0 0. $173,000. Beginning inventory 61,000 Ending inventory 46,000 Net purchases 430,000 The income statement for Natures Way Foods shows gross prot of $144,000, operating expenses of $122,000, and cost of goods sold of $219,000. What is the amount of net sales revenue? O A. $485,000 0 B. $363,000 0 0. $266,000 0 D. $341,000 A company's sales are $580,000 and cost of goods sold is $270,000. Beginning and ending inventories are $32,000 and $40,000, respectively. How many times did the company turn its inventory over during this period? (Round your answer to one decimal place, XX.) 0 A. 16.1 times 0 B. 8.6 times 0 C. 7.5 times 0 D. 9.7 times Two nancial ratios that clearly distinguish a discount chain such as Walmart from a high-end retailer such as Gucci are the gross prot percentage and the rate of inventory turnover. Which set of relationships is most likely for Gucci? O A- Gross prot percentage Inventory turnover High Low 0 3- Gross prot percentage Inventory turnover Low Low 0 5- Gross prot percentage Inventory turnover Low High 0 9- Gross prot percentage Inventory turnover High High Trapper Corporation reported the following data: a (Click the icon too View the data.) Trapper's gross prot percentage is (Round your answer to one decimal place, X.X%.) O A. 36.0. Data Table 0 B. 69.6. 0 C. 640- Freight in 23,000 0 D. 35.0. Purchases 208,000 Beginning inventory 53,000 Purchase discounts 4,300 Dividends 4,000 Purchase returns 6,300 Sales revenue 360,000 Ending inventory 43,000 The sum of ending inventory and cost of goods sold is O A. net purchases. 0 B. cost of goods available (or cost of goods available for sale). 0 C. beginning inventory. 0 D. gross prot. An error understated Golden Flash Company's December 31, 2018, ending inventory by $27,000. What effect will this error have on net income for 2019? . . . . . A. Have no effect on it O B. Understate it O C. Overstate itA company's beginning inventory is $160,000, its net purchases are $280,000, and its net sales total $460,000. Its normal gross prot percentage is 25% of sales. Using the gross prot method, how much is ending inventory? 0 A. $225,000 0 B. $180,000 0 C. $115,000 0 D. $95,000