QUESTION 1 The is used in the Retail Method to estimate cost of goods sold or ending inventory Gross Margin Method O Gross Margin Percentage O Physical Inventory Count O Cost to Retail Ratio QUESTION 2 An asset has a NBV of $100.000 and is sold for $120.000 What is the gain or loss recognized on this transaction? $20.000 Gain O $20,000 Loss O $120.000 Gain O $100.000 Loss QUESTION 3 In periods of rising costs. FIFO generates ain)_ Lower Equal - cost of goods sold than LIFO. O Not enough information O Higher QUESTION 4 During the month Green Corporation had sales revenue of Sgo.000 which included credit sales of S60 000. The company had a normal balance in accounts receivable of $100,000. Green estimates that of credit sales will be will become uncollectible Using the percentage of sales method. what is Green Corp's bad debt expense? O $4500 . 53.000 O 55.000 O $1.500