$1,$ ControlControlFlip Corp.$\text{'}$s checkbook balance on December $31,$ year $2,$ was $$5,000.$ In addition, Flip held the following items in its safe on that date:

Check payable to Flip Corp., dated January $2,$ year $3,$ in payment of a sale made in December year $2,$ not included in December $31$ checkbook balance

$$2,000$

Check payable to Flip Corp., deposited December $15$ and included in December $31$ checkbook balance, but returned by bank on December $30$stamped $"$NSF$."$ The check was re$-$deposited on January $2,$ year $3,$ and cleared on January $9$

$500$

Check drawn on Flip Corp.$\text{'}$s account, payable to a vendor, dated and recordedin Flip's books on December $31$ but not mailed until January $10,$ year $3$

$300$

The proper amount to be shown as Cash on Flip's balance sheet at December $31,$ year $2,$ is:

Question options:

$$5,300$

$$4,800$

$$6,800$

$$6,500$

$2.$ International Paper adopted the dollar$-$value LIFO method on January $1,2015.$ It$$s inventory on January $1,2015$ was $$160,000.$ On December $31,2015,$ the inventory at prices existing on that date amounted to $$140,000.$ The price level at January $1,2015$ was $100$ and the price level at December $31,2015$ was $112.$ Required. Compute the amount Controlof the inventory at December $31,2015,$ under the dollar$-$value LIFO method.