Assume Nile.com began April with 14 units of inventory that cost a total...

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Accounting

Assume
Nile.com began April with 14 units of inventory that cost a total of $266. During April, Nile purchased and sold goods as follows. Under the FIFO inventory method, how much is Nile's cost of goods sold for the sale on April 14?
\table[[Apr 8,Purchase,42 units @ $20],[14,Sale,35 units @ $40],[22,Purchase,28 units @ $22],[27,Sale,42 units @ $40]]
A. $1,106
B. $686
C. $1,400
D. $700
8. Notes receivables or accounts receivables that result from sales transactions are often called
A. sales receivables.
B. non-trade receivables.
C. trade receivables.
D. merchandise receivables.
9. Recording depreciation each period is necessary in accordance with the
A. going concern principle.
B. cost principle.
C. matching principle.
D. asset valuation principle.
10. On October 1,2014, Allen Jewelry Company accepted a 4-month, 10% note for $2,400 in settlement of an overdue account receivable. If the company accrues interest at year-end only, how much interest revenue should be accrued on December 31,2014?
A) $80
B) $60
C) $240
D) $40
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