transactions for the month of June: = = June 1st On hand 50 units at $14.00 each $700, June 4th Purchased 115 units at $15 each $1,725, June 5th Sold 100 units, June 10th Purchased 75 units at $16 each $1,200, June 24th Sold 50 units, Total cost of goods available for sale = $3,625, June 30th on hand 90 units, The June 30th inventory included 45 units from the June 4th purchase and 45 units from the beginning inventory. Refer to the information provided for Klinc Company. What is the cost of ending inventory at June 30th under the specific identification method? 14. Which inventory cost flow method assigns the cost of the most recent items purchased to cost of goods sold? 15. On January 1 (the beginning of the yr), a company sold a piece of equipment for $30,000 which it had used for several years. The equipment had cost $45,000, and its accumulated depreciation amounted to $10,000 at the time of the sale. What are the net effects on the accounting equation of selling the equipment for the year? 16. Generally accepted accounting principles (GAAP) require that costs of fixed assets should be? 17. Assets classified as property, plant, and equipment are reported at 18. Before considering any effect of depreciation, the effect of purchasing a fixed asset with cash is a(n) 19. Current accounting standards indicate that the costs of copyrights with a legal life of the life of the author plus 70 years should 20. Equipment purchased at the beginning of the year-for $200,000 with a residual value of $20,000 is being depreciated over a 5-year period using the straight line method. Which of the following statements is correct concerning the financial statements at the end of the year? 21. On January 1, a company sold a machine for $5,000 that it had used for several years. The machine cost $8,000 and had accumulated depreciation of $4,500 at the time of sale. What gain or loss will be reported on the income statement for the sale of the machine for the year ended December 31? Loss of $1500 ment for the sale o