Cinnamon Buns Company (CBC) started 2024 with $54,000 of Inventory on hand. During 2024, $284,000 In Inventory was purchased onaccount with credit terms of 2/in. /30. All discounts were taken. Purchases were all made fo.b. shipping point. CBC paid freight chargesof $11,000 Inventory with an invoice amount of $4,800 was returned for credit. Cost of goods sold for the year was $320.000 CBC uses aperpetual inventory system.Assume instead that (a) freight costs were paid by the vendor, (b) no discounts were taken, and (c) the inventory on hand at the beginningof 2024 was determined by a physical count that failed to realize that $12,000 of inventory was being held on consignment for Frosting RUs Incorporated. What is cost of goods available for sale, assuming CBC uses the gross method to record purchase discounts?Multiple Choice$321,200$332,200$324.680Show Transcribed Textother option is $344,200Nu Company reported the following pretax data for its first year of operations.Net salesCost of goods available for saleOperating expensesEffective tax rateEnding inventories:If LIFO is elected.If FIFO is electedWhat is Nu's net income if it elects LIFO?Multiple Choice$100$5002,8702,430840Show Transcribed Text20%other options are $664 and $8309801,230A company's Inventory on December 31, 2024, was $327.000 based on a physical count priced at cost, and before any necessaryadjustment for the following:Muluple Choice• Inventory costing $32,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025.• Inventory costing $24,000, shipped fo.b. destination from a vendor on December 28, 2024, was received on January 3, 2025.$327000. Inventory costing $40,000 was shipped to a customer fo.b. destination on December 28, arrived at the customer's location onJanuary 6, 2025.• Inventory costing $14,000 was being held on consignment by Traynor Company.What amount should the company report as inventory in its December 31, 2024, balance sheet?$413,000Show Transcribed Textother options are $437,000, $373,000

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Cinnamon Buns Company (CBC) started 2024 with $54,000 of Inventory on hand. During 2024, $284,000 In Inventory was purchased on account with credit terms of 2/10./30. All discounts were taken. Purchases were all made fo.b. shipping point. CBC paid freight charges of $11,000 Inventory with an invoice amount of $4,800 was returned for credit. Cost of goods sold for the year was $320.000 CBC uses a perpetual inventory system. Assume instead that (a) freight costs were paid by the vendor, (b) no discounts were taken, and (c) the inventory on hand at the beginning of 2024 was determined by a physical count that failed to realize that $12.000 of inventory was being held on consignment for Frosting R Us Incorporated. What is cost of goods available for sale, assuming CBC uses the gross method to record purchase discounts? Multiple Choice O O $321,200 $332,200 $324.680

Cinnamon Buns Company (CBC) started 2024 with $54,000 of Inventory on hand. During 2024, $284,000 In Inventory was purchased on account with credit terms of 2/10./30. All discounts were taken. Purchases were all made fo.b. shipping point. CBC paid freight charges of $11,000 Inventory with an invoice amount of $4,800 was returned for credit. Cost of goods sold for the year was $320.000 CBC uses a perpetual inventory system. Assume instead that (a) freight costs were paid by the vendor, (b) no discounts were taken, and (c) the inventory on hand at the beginning of 2024 was determined by a physical count that failed to realize that $12.000 of inventory was being held on consignment for Frosting R Us Incorporated. What is cost of goods available for sale, assuming CBC uses the gross method to record purchase discounts? Multiple Choice O O $321,200 $332,200 $324.680

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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