The inventory assumption methods and ending inventory values are presented in the balance sheets of three companies as below: Company A $1,200 First-in-first-out (FIFO) Company B $1,000 Last-in-first-out (LIFO) Company C $1,100 Average cost Which of these three companies will report the highest net income (assume that all other factors are the same)? A) All of them will present the same net income. B) Company A Company A and Company C D) Company E) Company B What is the total of Lower-of-Cost-or-Market for the below given data? Product A Product B Product C Product D Cost $5,000 7,000 11,500 12,000 Market $5,500 6,000 10,000 14,000 OA) $33,000 B) $32,000 C) $33,500 D) $32,500 E) $31,000 A company makes a credit sale of $750 on June 13 according to the payment terms 2/10, 1/30. On June 16, there is a retum of $50. What amount is received if payment is performed in full on June 232 A) $810 B) $650 C) $686 D) $700 5685 C Company had $800,000 in net sales, cost of goods sold of $600,000. Gross profit rate equals: OA) 25% OB) 40% C) 10% D) 35% E) 33% the accounts receivable balance in S180,000. The company calculates allowance for future's default receivables. The allowance is calculated a 4% of the receivables balance using the percentage of receivables basis Which one is the adjusting entry? A) Notes Receivable Accounts Receivable 7,200 7.200 B) Bad Debt Expenses 7.200 Accounts Receivable 1.200 7,200 Bad Debt Expenses Notes Receivable 7,200 RO Bad Debt Expenses 7.200 Allowance for Doubtful Account 7.200 Accounts Receivable 71200 Allowance for Doubtful Accounts 7,200