The assets and tota end of the year are was $17,000, and no 100 sets and total liabilities of ABC Company at the beginning and at the Year are stated below. During the year dividends declared (withdrawals) "and no additional Investments were made. Assets Liabilities 210,000 90,000 100,000 Beginning of year End of year 225,000 The amount of net income (loss) for the ome (loss) for the year was: (A) (B) (c) (D) 25,000 22,000 17,000 (5.000) a particular product includes 50 units purchased inits purchased at a per-unit cost of $120. Speedy Corporation's inventory of a particular product includes at a per-unit cost of $100 and another 50 units purchased at a per-unit cos If Speedy sells 10 units of this product, the cost of goods sold will be: (A) $1,100 (B) $1,200 (C) $1,000 (D) The answer will depend on the inventory cost-flow method used 5 Goods in transit between the buyer and the seller belong to: (A) The freight company (B) The Seller (C) The Buyer (D) The answer depends upon whether the goods were shipped F.O.B shipping point or FOB destination