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Question 1 O Question 6 The following units of an inventory item were available for sale during the year: story Jacob Co. sells merchandise on account to Isaiah Co. for $9,300. The invoice is dated on May 1 with terms of 2/15, net 45. What is the discount, and up to what date must the invoice be paid in order Readir for the buyer to take advantage of the discount? 11 units at $51 Beginning inventory First purchase Second purchase 15 units at $54 a. $186, May 15 27 units at $57 b. $186, May 16 Third purchase 13 units at $65 ics (Mac c. $372, May 15 d. $372, May 16 The firm uses the periodic inventory system. During the year, 48 units of the item were sold. The value of ending inventory using FIFO is Question 2 Q a $1,940 b. $1,130 .a Kappa 11) X c. $1,691 Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning Inventory 26 units @ $11 5 Sale 15 units d. $904 Question 4 Q 17 Purchase 28 units @ $12 30 Sale 15 units Merchandise with a sales price of $900 is sold on account with terms 2/10, n/30. The journal entry for ale uld include a Assuming perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a. Cost of merchandise sold $ 967 a. debit to Accounts Receivable for $862 84 b. Inventory, September 30 b. debit to Cash for $900 c. credit to Sales for $882 d. debit to Sales Discounts for $18 on 3 O Question 3 Q 6 o a Question 5 Q Q Emma Co. sold to Isabella Co. merchandise on account FOB shipping point, 1/10, net 30, for $9,900. Emma Co. prepaid the $850 shipping charge. Using the perpetual inventory method, which of the following entries will Isabella Co. make for the payment for the merchandise if Isabella Co. pays within the discount period? Norfolk Sporting Goods purchases merchandise with catalog list price of $12,900. The retailer receives a 45% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the merchandise inventory account? a. Accounts Payable-Emma Co., debit $9,900; Cash, credit $9,900 a. $142 15 b. Accounts Payable-Emma Co., debit $9,900; Freight In, debit $850; Cash, credit $10,750 b. $7,095 C. Accounts Payable-Emma Co., debit $10,750; Merchandise Inventory, debit $99; Cash, credit $10,849 c. $12,900 d. Accounts Payable-Emma Co., debit $10,651; Cash, credit $10,651 d. $6,953

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