Student ID Mudeok Name The following data apply to the next two questions Units Price Beginning350 $14 inventory First purchase 300 $24 Second purchase 650 $16 Sales 970 $32 S. Assuming a FIFO cost fow,the amount of ending inventory reported on the balance sheet would be a) $5,280. b) $17,220. c) $4,620. d) $17,880. 6. Assuming a weighted average cost flow, the amount income statement would be closest to: of cost of goods sold reported on the a) $4620. b) $5,711 c) $17,880. d) $16,788 7. Which of the following is true? a) Internal controls are unnecessary when key employees are bonded. b) The practice of separating duties prevents an employee from both approving a refund and disbursing the cash. c) Experienced accounting clerks need not use pre-numbered documents. d) Administrative controls would limit access to physical assets but not to accounting records 8. A truck was purchased for $45,000. It has a six-year life and a $6,000 salvage value. Using straight-line depreciation, what is the asset's carrying value (book value) after 3 years? a) $22,500. b) $15,000 c) $19,500. d) $25,500. If Snap uses the 9. On January 1,2018, Sap Printers paid $16,000 to buy a photocopier. If'Snap uses the machine of $4,000. The to make 120,000 copies in its estimated useful life of 8 years and a salvage value e amount of depreciation expense for the year 2018, using units-of of production depreciation and assuming that 25,000 copies were made, 1is a) $2,500. b) $1,500. c) $2,000 d) $3,333 Version A page 2