Please just answer question 3 **Inventory Principles**1. **Shepherd Cycles used the FIFO inventory method in 2010. Shepherd Cycles plans to continue using the FIFO method in future years.** A. Which inventory principle is most relevant to Shepherd’s decision? *Enter answer here.*2. **Shepherd Cycles does not expect prices to change dramatically and wants to use a method that averages price changes.** B. Which inventory method would best meet Shepherd’s goal? *Enter answer here.* C. What if Shepherd wanted to expense out the newer purchases of goods instead? Which inventory would best meet that need? *Enter answer here.*3. **Refer to the information below that shows Boston Cycles’ inventory data for the year ending December 31, 2011. Answer the following questions:** - Assume that the ending inventory was accidentally overstated by $2,200. *Enter answer here.* - What are the correct amounts for cost of goods sold and gross profit? *Enter answer here.*---**Inventory Data for Boston Cycles**- **Sales Revenue:** $46,000- **Cost of Goods Sold:** - Beginning Inventory: $5,400 - Net Purchases: $26,700 - **Cost of Goods Available:** $32,100 - Less: Ending Inventory: ($3,600) - **Cost of Goods Sold:** $28,500- **Gross Profit:** $17,500

3. Refer to the information below that shows Boston Cycles' inventory data for the year ending December 31, 2011. Answer the following questions: Assume that the ending inventory was accidentally overstated by $2,200. Enter answer here. What are the correct amounts for cost of goods sold and gross profit? Enter answer here. Main Description Secondary Description Amount Sales revenue $46,000 Cost of goods sold: Beginning inventory $5,400 Net purchases $26,700 Cost of goods available $32,100| Less: Ending inventory ($3,600) Cost of goods sold $28,500 Gross profit $17,500

3. Refer to the information below that shows Boston Cycles' inventory data for the year ending December 31, 2011. Answer the following questions: Assume that the ending inventory was accidentally overstated by $2,200. Enter answer here. What are the correct amounts for cost of goods sold and gross profit? Enter answer here. Main Description Secondary Description Amount Sales revenue $46,000 Cost of goods sold: Beginning inventory $5,400 Net purchases $26,700 Cost of goods available $32,100| Less: Ending inventory ($3,600) Cost of goods sold $28,500 Gross profit $17,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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please explain the answer B ?
1. Pamela Company showed the following accounts on December 31, 2020. Bonds Payable 5,000,000 Premium on Bonds Payable 250,000 Share capital- 250,000 shares authorized and 200,000 shares issued, P50 par 10,000,000 Share premium- issuance 2,000,000 Share premium-conversion privilege 500,000 Retained earnings 2,500,000 The bonds are convertible into 10 shares of capital for every P 1,000 bond. On December 31, 2020, the entire bond issue was converted and on this date, the market value of the share is 120 and the market value of the bonds is 103. The entity paid P 200,000 as a result of the bond conversion. Required: Prepare journal entries for the conversion of the bonds on December 31, 2020
what are the solutions for questions 4 & 5?
only answer d now please
Can someone help me with the part b and c please?
What is greenmail?
a not for profit entity provides the following information for the year 2023. Unrestricted pledges received this year, due within 12 months $ 150,000 Contributions to the endowment received $25,000 percentage of unrestricted pledge expected to be received. 92% collections of pledge before the end of the year $ 90,000 pledge written off at year end $ 4,000 Required: prepare the journal entries for these transactions for the year 2023?
please answer this which is part C
How do I solve this
Hh1.