Which inventory costing method most closely approximates current cost for each of the following ca Ending Inventory Cost of Goods Sold FIFO FIFO Ending Inventory Cost of Goods Sold FIFO LIFO Ending Inventory LIFO Cost of Goods Sold LIFO od Ending Inventory LIFO Cost of Goods Sold FIFO On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? O 300 Accounts Receivable Sales Discount Forfeited 300 ob Cash 15,000 15,000 Accounts Receivable Oc Cash Sales Discount Accounts Receivable 14.700 300 15,000 od Cash 14.700 Accounts Receivable 14.700 In preparing its August 31, 2017 bank reconciliation, Bing Corp has available the following information: Balance per bank statement, 8/31/17 $25,650 Deposit in transit, 8/31/17 3,900 Return of customer's check for insufficient funds, 8/30/17 600 Outstanding checks, 8/31/17 2,750 Bank service charges for August 100 At August 31, 2017, Bing's correct cash balance is 2.524,500 Ob None is correct answer OC 526,200 od $26.100 e $26,800 Big Mouth Frog Corporation had beginning Retained Earings of $100,000, revenues of $330,000, expenses of $200,000, and dividends of $45,000. What is the ending balance of Retained Eamings? O $185.000 Ob $85,000 O None of these correct Od 5230.000 O 0.5130,000