usomobile Audio has the following inventory data Nov. 1 Inventory 8 Purchase ?? units @ $4.00 each 120 units@$4.30 each 60 units @$4.20 each 90 units @ each 17 Purchase $4.40 each of merchandise inventory on November 30 reveals that there are 100 A physical count of merchandise invent units on hand. Ending inventory under FIFO i A) $846 B) $421 C) $863 D) $438 47. Turner Corporation returned $150 of goods originally purchased on credit from Morgan Industries. Using the periodic Inventory approach, Turner would record this transaction as: A) Accounts Payable 150 Purchase Returns and 150 Allowances Purchase Returns and Allowances B) C) Inventory D) Accounts Payable Accounts Payable Accounts Payable Inventory 150 150 150 150 150 150 48. Jamison, Inc. is a regional air cargo carrier. Jamison made a S4,500 improvemen of its airplanes. If Jamison's accountant expensed this amount, which of the follo statements is true? A) The entry will overstate the balance sheet for the year. B) The entry will improperly understate net income for the year. C) The entry will improperly overstate net income for the year. D) The entry is the correct treatment. 49. Equipment costing $210,000 was destroyed when it caught on fire. At the da fire, the accumulated depreciation on the equipment was $84,000. An insur for $240,000 was received based on the replacement cost of the equipment record the insurance proceeds and the disposition of the equipment will in A) credit to the Accumulated Depreciation account for $84,000. B) gain on disposal of $30,000. C) gain on disposal of $114,000. D) credit to the Equipment account of $126,000