33.

Using the following information for a periodic inventory system, what is the amount of net income?

Purchases	$33,890		Selling expense	$604
Inventory, September 1	5,834		Inventory, September 30	9,470
Administrative expense	927		Sales	45,552
Rent revenue	1,086		Interest expense	867

a.$30,254

b.$33,067

c.$867

d.$13,986

37.

Merchandise with a sales price of $2,900 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a

a.debit to Cash for $2,900

b.debit to Accounts Receivable for $2,900

c.debit to Customer Refunds Payable for $58

d.credit to Sales for $2,842

43.

The following lots of Commodity Z were available for sale during the year.

Beginning inventory	10 units at $50
First purchase	19 units at $53
Second purchase	52 units at $55
Third purchase	15 units at $64

The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method?

a.$1,401

b.$1,620

c.$5,327

d.$1,350