Damaged or obsolete inventory may have a value below original cost. It should be written down to Select one: a. Cost using the FIFO assumption b. Cost using the LIFO assumption O c. Cost less Cost to Sell d. Sales Value less Cost to Sell The Gateway Company's physical inventory at 12/31 was $10,000. In addition, two in-transit items existed: A $350 item purchased from a vendor, FOB Shipping A $200 item sold to a customer; FOB Shipping The 12/31 Inventory for the balance sheet is: Select one: a. $10,000 b. $10,350 c. $10,200 d. $10,550 e. $10,150 Given the following data for a bond issuance: 4-year factors Principal Coupon (stated) Rate Market Rate $10,000 6% 8%, PV of $1 .735 8% 3.31213 4 years 8%, PV of Annuity 6%, PV of $1 6%, PV of Annuity Term Interest paid annually .792 3.456 The sale price of the bond is approximately: Select one: a. $9,337 b. $9,886 c. $10,685 d. $9,366 e. $10,662 Which account is used in the periodic method but not the perpetual method? Select one: a. Cost of Goods Sold b. Purchases C. Sales Revenue d. Inventory