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A company has net sales of $222,000, cost of goods sold $89,000, operating expenses of $55,000, and other expenses of $5,000. The companys net income IS: A. OB. O C. OD, $78,000. $128,000. $34,000. $73,000.A customer purchased items on account from Silverfish, Inc. After a few days, the customer returned the goods. Silverfish, Inc. will issue a: OA. debit memorandum. OB, return receipt. C. credit memorandum O D. refund check.Companies that want a middle ground solution to net income and the amount of income taxes that the company will pay will value their inventory at: OA. FIFO O B. LIFO OC. average cost. OD. specific identification.Which of the following indicates that the shipment is free on board and the seller pays all of the shipping and freight costs? A. Cash on delivery OB, С. OD. FOB destination 2/10, п/30 FOB shipping pointThe Wolfe Company recently lost its entire inventory in a fire. The accounting records reflect the following information: Beginning Inventory Net Purchases Net Sales Gross Profit Rate $33,000 $220,600 $378,000 40% Using the gross profit method, estimated inventory is: OA. $33,000 B. $101,440 OC. $26,800 O D. Cannot be determined with given information.

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