Which of the following is not considered an intangible asset?

	a.	An oil well.
	b.	A copyright on a song.
	c.	A patent for a production process.
	d.	A patent for a drug.

A characteristic of a plant asset (PP&E) is that it is

	a.	not currently used in the business but held for future use.
	b.	used in the operations of a business.
	c.	held for sale in the ordinary course of the business.
	d.	intangible.

A company has the following inventory data: July 1 7 22 Beginning inventory Purchases Purchases 40 units at $20 140 units at $21 20 units at $22 $ 800 2.940 440 $4,180 A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the average cost method, the value of ending inventory is $1,070 O $1,045 O $1,100 $1,050