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A company reported the following inventory transactions during the year:01/01/15 Beginning Inventory 15 units @ $15 02/18/15 Purchase 10 units @ $20 03/07/15 Purchase 14 units @ $25 03/15/15 Sale 18 units @ $40 What is the cost of goods sold using the FIFO cost flow method?Select one:a. $358b. $285c. $430d. $720Question22Not yet answeredMarked out of 3.75Flag questionQuestion textWho typically receives first priority when resources are divided as part of a business’s liquidation?Select one:a. Stockholdersb. Ownersc. Creditorsd. ManagersQuestion23Not yet answeredMarked out of 3.75Flag questionQuestion textBonds payable are usually classified on the balance sheet as:Select one:a. current liabilities.b. long-term liabilities.c. investments and funds.d. other assets.Question24Not yet answeredMarked out of 3.75Flag questionQuestion textDuring its first year of operations, XYZ, Inc. experienced the following:Sales on Accounts $300,000 Collection of Accounts Receivable $125,000 What is the ending balance of Allowance for Doubtful Accounts after recording uncollectible account expense using 1% of sales on account?Select one:a. $1750b. $1250c. $3000d. $4250Question25Not yet answeredMarked out of 3.75Flag questionQuestion textDuring its first year of operations, XYZ, Inc. experienced the following:Sales on Accounts $300,000 Collection of Accounts Receivable $125,000 What is the net realizable value of Accounts Receivable after recording uncollectible account expense using 1% of sales on account?Select one:a. $170,750b. $175,000c. $172,000d. $173,250