Blackfly Ltd. had sales of $500,000 in 2007, all made on credit terms. The company...
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Blackfly Ltd. had sales of $500,000 in 2007, all made on credit terms. The company collected $25,000 from credit sales made in 2006, and at the end of 2007 its customers owed the company $50,000. Inventory of young trees as at December 31, 2007 was 10,000 seedlings, each of which had cost $0.10. Unfortunately the seedlings would not last until the start of the 2008 planting season. The cost of closing inventory for 2007 was
*
$10,000
$1,000
$500
$0
none of the above
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