The following lots of a commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of goods sold for the year according to the average cost method? a. $1,375 b. $1,380 c. $1,250 d. $1,510 Calculator Print Item Details of invoices for purchases of merchandise are as follows: Merchandise Freight Terms Returns and Allowances $200 a. $45 $2,800 7,600 b. 60 800 FOB shipping point, 1/10, 1/30 FOB destination, 1/30 FOB shipping point, 2/10, 1/30 FOB destination, 1/10, 1/30 C 600 1,400 500 55 50 d. 0 Determine the amount to be paid in full settlement of each of the invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. b. CS d. $ Previous Next During the taking of its physical inventory on December 31, 2014, Barry's Bike Shop incorrectly counted its inventory as $208,964 instead of the correct amount of $179,229. The effect on the balance sheet and income statement would be Dusets ovenstated by $29.73; retained ning understated by $29.735, d et incontestatement understand by 29,735 b. niets overstated by 329,735, retained camins under led by $29,735, and no effect on the income statement C. et retained caring and net income all overvsled by 329,735 disch and retained earnings oversted by $29,735; and not income inderstored by $29,735 Previous Next Emacor Su Tessor Grade