Palm Industries had cost of goods sold of $40,000. If purchases were $46,000 and ending inventory was $12,000, Ace's beginning inventory must have been:
A. $52,000.
B. $6,000.
C. $34,000.
D. $18,000.
Answer: B
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Wuensch Inc., an escrow agent, has provided the following data concerning its office expenses: Escrows Completed Office ExpensesApril53 $7,427May94 $9,201June37 $6,769July87 $8,902August40 $6,875September38 $6,797October82 $8,681November35 $6,678December62 $7,836 Management believes that office expense is a mixed cost that depends on the number of escrows completed. Note: Real estate purchases usually involve the services of an escrow agent that holds funds and prepares documents to complete the transaction.Using the high-low method, the estimate of the variable component of office expense per escrow completed is closest to:
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