6. Which inventory method generally results in costs allocated to ending inventory that will approximate their current cost? A) FIFO B) Whichever method that produces the highest ending inventory figure C) Average cost method D) LIFO 7. Piper Pipes has the following inventory data: July1 Beginning inventory 30 units at $120 5 Purchases 14 Sale 21 Purchases 30 Sale 180 units at $112 120 units 90 units at $115 84 units Assaming that a periodic inventory system is used, what is the cost of good sold on LIFO basis A) $11,022 B) $10,992 C) $23,118 D) $23,088. 8. In 2014 Wilkinson Company had net credit sales of $1,500,000. On January 1, 2014, Allowance for Doubtful Accounts had a credit balance of $36,000. Daring 2014, 560,000 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 10% of the balance in receivables (percentage of receivables basis). If the accounts receivable balance at December 31 was $400,000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2014? A) $150,000 B) S 40,000 C) S 60,000 D) S 64,000 9. The current carrying value of Pierce's $900,000 face value bonds is $896,600. If the bonds are retired at 102, what would be the amount Pierce would pay its bondholders? A) $902,000 B) $918,000 C) $896,600 D) $900,000