A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold?

In reviewing the accounts receivable, the net cash receivable value is $16,000 before the write-off of a $1,500 account. What is the net cash receivable value after the write-off (assume Allowance for Doubtful Accounts has a balance >$1,500)?

a. $16,000 b. $1,500 c. $17,500 d. $14,500

Which of the following is not a mode of acquiring an asset for a company?

a. Acquiring internally via the production process b. Acquire from a vendor using the purchasing process c. Acquire from a vendor without using the purchasing process d. Selling equipment e. Acquiring without a vendor