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The inventory records for Radford Company reflected the following What is the amount of gross margin assuming the FIFO cost flow method is used? Multiple Choice $2,920 $4,020 $3,000 $3,420 On January 1 , Year 1 , the Niagara Corporation arranges a $6,000 line of credit with the Centennial Bank. It accepted the bank's offer of 1% above the prime rate with interest payments on December 31 of each year. All borrowings and repayments are to take place on January 1 of each year. Niagara begins its loan transactions with Centennial Bank by borrowing $2,000 on January 1 , Year. Which of the following answers shows the effect of this event on the financial statements? Multiple Choice Choice A Choice C Choice D Choice B
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