Sheridan's Market recorded the following events involving a recent purchase of inventory:

Received goods for $113000, terms 2/15, n/30.

Returned $2000of the shipment for credit.

Paid $600freight on the shipment.

Paid the invoice within the discount period.

As a result of these events, the company's inventory

increased by $111600.

increased by $109380.

increased by $109368

increased by $108780.

The collection of a $2900account within the 2 percent discount period will result in a

debit to Accounts Receivable for $2842.

credit to Accounts Receivable for $2842.

credit to Cash for $2842.

debit to Sales Discounts for $58.

Novak Corp.sells merchandise on account for $8300toSplish Brothers Inc.with credit terms of 2/10, n/30.Splish Brothers Inc.returns $1600of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?

$6566

$6700

$8166

$8134

Financial information is presented below:

Operating expenses $59000

Sales returns and allowances 5000

Sales discounts 8000

Sales revenue 204000

Cost of goods sold 106000

The amount of net sales on the income statement would be

$204000.

$199000.

$196000.

$191000.

Financial information is presented below:

Operating expenses $54000

Sales returns and allowances 6000

Sales discounts 8000

Sales revenue 178000

Cost of goods sold 92000

Gross Profit would be

$86000.

$80000.

$72000.

$92000.

Vaughnhas the following inventory data:

Nov. 1 Inventory 31units @ $6.10each

8 Purchase 122units @ $6.60each

17 Purchase 61units @ $6.45each

25 Purchase 92units @ $6.70each

A physical count of merchandise inventory on November 30 reveals that there are102units on hand. Ending inventory under FIFO is

$658.

$1346.

$1323.

$681.

Concords has the following inventory data:

Nov. 1 Inventory 24units @ $4.80each

8 Purchase 96units @ $5.15each

17 Purchase 48units @ $5.05each

25 Purchase 72units @ $5.30each

A physical count of merchandise inventory on November 30 reveals that there are80units on hand. Cost of goods sold under LIFO is

$812.

$422.

$830.

$404.

Swifty Corporationhad the following inventory transactions occur during 2022:

Units Cost/unit

Feb. 1, 2022 Purchase 82 $34

Mar. 14, 2022 Purchase 141 $36

May 1, 2022Purchase 100 $37

The company sold233units at $48each and has a tax rate of30%. Assuming that a periodic inventory system is used, and operating expenses of $1368, what is the company's after-tax income using LIFO?

$1107.40

$1328.00

$929.60

$1582.00

Current Attempt in Progress

At May 1, 2022,Vaughn Manufacturinghad beginning inventory consisting of310units with a unit cost of $7. During May, the company purchased inventory as follows:

610units at $7

920units at $8

The company sold1530units during the month for $12per unit.Vaughn Manufacturinguses the average cost method. The value ofVaughn Manufacturing's inventory at May 31, 2022 is(Round average cost per unit to 2 decimal places, e.g. 12.52.)

$2170.

$2325.

$2480.

$13800.

The manager ofWhisperingis given a bonus based on net income before taxes. The net income after taxes is $54220for FIFO and $45400for LIFO. The tax rate is30%. The bonus rate is20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO?

$12600

$8820

$17640

$2520