Marked out of 2.50Flag questionQuestion textA company purchased $6,600 of merchandise inventory on account. Which of the journal entries would be required to record this transaction?Select one:a.Accounts Payable $6,600Purchases$6,000b.Cost of Good Sold$6,600Accounts Payable$6,600c.Inventory$6,600Accounts Payable$6,600d.Accounts Payable $6,600Inventory$6,600Question 7Not yet answeredMarked out of 2.50Flag questionQuestion textWhich of the following businesses is most likely to use a specific identification cost flow method?Select one:a. Hardware Storeb. Grocery Storec. Car Dealershipd. Roofing CompanyQuestion 8Not yet answeredMarked out of 2.50Flag questionQuestion textA company purchased inventory at a cost of $65. It later sold the inventory to a customer for $100 cash. What is the journal entry to record the sale of the inventory?Select one:a.Cash$65Revenue$65Cost of Goods Sold$100Inventory$100b.Cash$100Revenue$100Cost of Goods Sold$65Inventory$65c.Inventory $100Cash$100d.Inventory$65Cash$65Question 9Not yet answeredMarked out of 2.50Flag questionQuestion textA company reported the following inventory transactions during the year:1/1/2015Beginning Inventory20 [email protected] $243/17/2015Purchase60 [email protected] $287/28/2015Purchase40 [email protected]$309/12/2015Sale100 [email protected] $50What is the ending inventory using the weighted average cost flow method?Select one:a. $600b. $560c. $547d. $480Question 10Not yet answeredMarked out of 2.50Flag questionQuestion textUsing the weighted average cost flow method for the below transactions, calculate gross margin at year end:1/1/2015Beginning Inventory20 [email protected] $243/17/2015Purchase60 [email protected] $287/28/2015Purchase40 [email protected]$309/12/2015Sale100 [email protected] $50Select one:a. $2,187b. $2,240c. $2,120d. $2,200
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