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31 32 33 - 34 35 36 37 38 39 Question 28 (4 points) The Matisse Co. sells hula hoops the company purchases from their supplier, the Goop Co. At year end, the Matisse Co. sold a total of 1,200 hula hoops at a selling price of $10 per unit. The following information relates to inventory for the current year: Beginning Inventory: 100 units @ $2.00 per unit Purchase 1: 300 units @ $2.20 per unit Purchase 2: 500 units @ $3.00 per unit Purchase 3: 500 units @ $4.00 per unit Question: Using LIFO (last in First out), Cost of Goods Sold for the year would be: 1 40 41 42 1 43 44 45 47 48 $420 18 1 $3,560 $4,360 50 51 $3.940 52 Question 29 (4 points) The Matisse Co. sells hula hoops the company purchases from their supplier, the Goop Co. At year end, the Matisse Co, sold a total of 1,200 hula hoops at a selling price of $10 per unit. The following information relates to inventory for the current year Maecol A 31 32 33 : I 34 35 36 37 38 39 Question 23 (4 points) The Fitzgerald Co. is a merchandise company that purchases already grade goods to resale to its customers. On January 4th, the Fitzgerald company purchased $80,000 of inventory, on account. Discount terms 2/10, net 60 and the freight agreement specifies FOB destination The following transactions occurred specific to the inventory purchase. - On Jan. 10, the Fitzgerald Co. returned $5,000 of inventory that was damaged. On Jan. 12, the Fitzgerald Co. paid the balance due for the inventory purchased on 40 41 42 - 44 45 Jan 4th. Based on this information, the journal entry prepared by the Fitzgerald Coon January 10th, would include a: 47 46 1 Credit to Cost of Goods Sold of $5,000 49 50 5: Credit to Cash of $5,000 52 Credit to Accounts Payable of $5,000 Credit to Merchandise Inventory of $5,000 38 39 Question 37 (4 points) On October 1, 2020, the Petty Co. loaned $20,000 to the American Girl Co. The loan is a one-year note with an interest rate of 10%. All payments for principal and interest will be received by the Petty Co. on September 30, 2021. What is the maturity value of the note? 41 42 3 44 45 1) $20,000 -- . 36 47 48 2) $21,500 3) $22,000. 49 50 51 4) $22,500. S2

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