8. If a firm's beginning inventory is $35,000, goods purchased during the period cost $130,000,...
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8. If a firm's beginning inventory is $35,000, goods purchased during the period cost $130,000, and the cost of goods sold is $150,000, what is the ending inventory? A) $15,000 B) $25,000 C) $45,000 D) $20,000 9. Which of the following accounts is NOT a contra account? A) Purchase Discounts B) Purchases C) Sales Discounts D) Sales Returns and Allowances 10. Iliescu Sporting Goods had the following inventory records for one line of skis for the month of January: Beginning inventory Sales, Jan. 1 - Jan. 7 Purchase, Jan. 8 Sales, Jan. 9 - Jan. 16 Purchase, Jan. 17 Sales, Jan. 18 - Jan. 29 Purchase, Jan. 30 70 pairs x $100 per pair = $7,000 50 pairs 46 pairs x $104 per pair = $4,784 59 pairs 62 pairs
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