Use the Following Information to Answer the Questions

Our Business uses a Perpetual LIFO Inventory Valuation System

1. On Jan 1 Our Business received a $300,000 investment of cash in exchange for Common Stock.

2. On Jan 11 Our Business Bought 500 Golf Clubs for $60 each, total of $30,000 with a check.

3. On Jan 16 Our Business Bought 600 Golf Clubs for $70 each, total of $42,000 on account.

4. On Jan 30 Our Business Sold 800 Golf Clubs to the Coyote Creek Club for $100 each, total of $80,000 on account.

5. On Jan 30 Our Business paid Jan Operating Expenses of $12,000 with a check.

6. On Jan 31 Our Business Paid the Owners of the Business $6,000 with Checks.

Group of answer choices

Compute the Gross Profit

[ Choose ] $14,000 zero $315,000 $311,000 $26,000 $42,000 360,000 $21,000 $80,000 355,000 $308,000 $112,000 None of These Choices $29,000 $353,000 $18,000 $17,000 $8,000

Compute the Net Income

[ Choose ] $14,000 zero $315,000 $311,000 $26,000 $42,000 360,000 $21,000 $80,000 355,000 $308,000 $112,000 None of These Choices $29,000 $353,000 $18,000 $17,000 $8,000

Compute the Ending Inventory Dollar Value

[ Choose ] $14,000 zero $315,000 $311,000 $26,000 $42,000 360,000 $21,000 $80,000 355,000 $308,000 $112,000 None of These Choices $29,000 $353,000 $18,000 $17,000 $8,000

Compute the Ending Retained Earnings Balance

[ Choose ] $14,000 zero $315,000 $311,000 $26,000 $42,000 360,000 $21,000 $80,000 355,000 $308,000 $112,000 None of These Choices $29,000 $353,000 $18,000 $17,000 $8,000

Compute the Ending Total Assets

[ Choose ] $14,000 zero $315,000 $311,000 $26,000 $42,000 360,000 $21,000 $80,000 355,000 $308,000 $112,000 None of These Choices $29,000 $353,000 $18,000 $17,000 $8,000

Compute the Ending Total Liabilities

[ Choose ] $14,000 zero $315,000 $311,000 $26,000 $42,000 360,000 $21,000 $80,000 355,000 $308,000 $112,000 None of These Choices $29,000 $353,000 $18,000 $17,000 $8,000

Compute the Ending Total Owners Equity

[ Choose ] $14,000 zero $315,000 $311,000 $26,000 $42,000 360,000 $21,000 $80,000 355,000 $308,000 $112,000 None of These Choices $29,000 $353,000 $18,000 $17,000 $8,000