What is the total carrying cost for an inventory of 200 widgets if the per-widget carrying cost is $4, the cost per order is $14, and there are 5 orders per year?

In all cases when FIFO is used, the cost of goods sold would be the same whether a perpetual or periodic system is used.

a. true b. false

A $43,000, two-month, 10% note payable was issued on December 1, 2016. What is the amount of interest expense recorded in the year 2017?

A) $494 B) $358 C) $717 D) $42,994