accounting

1.March 1             3 units @ $10 each

March 22           2 units @ $12 each

on march 31 gleason sold 3 of the radios for $15 each. the journal entry necessary to record the cost of goods sold assuming the LIFO cost flow assumption is:

 

A. Dr. cost of goods sold      $45

       Cr. inventory                   $45

B. Dr. cost of goods sold      $30

       Cr. inventory                     $30

C. Dr. inventory                    $30

       Cr. cost of goods sold      $30

D. Dr. cost of goods sold                   $34

       Cr. inventory      $34

 

 

2. The cost of an asset is $100,000. The estimated residual value is 25,000. The balance in the accumulated depreciation account is $14,000. The book value of the asset is :

 

A. $86,000

B. $56,000

C. $75,000

D. $100,000

 

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