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12) Prentice Company had cash sales of $94,275, credit sales of $83,450, sales returns and...

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Accounting

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12) Prentice Company had cash sales of $94,275, credit sales of $83,450, sales returns and allowances of $1,700, and sales discounts of $3,475. Prentice's net sales for this period equal: A) $94,275. B) $177,725 C) $174,250. D) $176,025 E) $172,550. 13) Physical counts of inventory A) Are necessary to adjust the Inventory account to the actual inventory available. B) Must be taken at least once a month. C) Requires the use of hand-held portable computers. D) Are not necessary under the cost-to benefit constraint. E) Are not necessary under the perpetual system. 14) Buffalo Company reported a December 31 ending inventory balance of $412,000. The following additional information is also available: . The ending inventory balance of $412,000 did not include goods costing $48,000 that were purchased by Buffalo on December 28 and shipped FOB destination on that date. Buffalo did not receive the goods until January 2 of the following year . The ending inventory balance of $412,000 included damaged goods at their original cost of $38,000. The net realizable value of the damaged goods was $10,000. Based on this information, the correct balance for ending inventory on December 31 is: A) $460,000 B) $384,000 C) $422,000 D) $438,000 E) $374,000

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