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A company has inventory of 15 units at a cost of $12 each on August 1. On A they purchased 10 units at $13 per unit. On August 12 they purchased 20 units per unit. On August 15, they sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 12 after the sale? A) $140. B) S160. C) S210 D) $380. E) S590. 21 at $14 22. In reimbursing the petty cash fund: A) B) C) D) E) Cash is debited. Petty Cash is credited. Petty Cash is debited. Appropriate expense accounts are debited. No expenses are recorded. 23. The interest accrued on $3.600 at 7% for 60 days is: A) S 36. B) S 42 C) $252 D) $180. E) S420. On December 31 of the current year, a company's unadjusted trial balance included the following: Accounts Receivable, debit balance of $97,250; Allowance for Doubtful Accounts, credit balance of $951. What amount should be debited to Bad Debts Expense, assuming 6% of outstanding accounts receivable at the end of the current year will be uncollectible?: A) $ 951. B) S3,992 C) $4,884. D) $5,835. E) S6,786. 24. The total cost of an asset less its accumulated depreciation is called: A) Historical cost. B) Book value. C) Present value D) Current (market) value. E) Replacement cost 25 26. A company has $90,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 6% of outstanding receivables are uncollectible. The current debit balance (before adjustments) in the allowance for doubtful accounts

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