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Question 29 Not yet answered Points out of 2.50 P Flag question Keen Company's accounting records indicated the following information: Inventory, beginning-of-year $ 1,800,000 Purchases during the year 9,000,000 Sales during the year 11,400,000 A physical inventory taken on year-end reported an ending inventory of $2,100,000. Keen's gross profit on sales has remained constant at 25% in recent years. Keen suspects some inventory may have been taken by a new employee. At year-end, what is the estimated cost of missing inventory? Select one: O a. $150,000. O b. $600,000. c. $450,000. d. $750,000.

Question 29 Not yet answered Points out of 2.50 P Flag question Keen Company's accounting records indicated the following information: Inventory, beginning-of-year $ 1,800,000 Purchases during the year 9,000,000 Sales during the year 11,400,000 A physical inventory taken on year-end reported an ending inventory of $2,100,000. Keen's gross profit on sales has remained constant at 25% in recent years. Keen suspects some inventory may have been taken by a new employee. At year-end, what is the estimated cost of missing inventory? Select one: O a. $150,000. O b. $600,000. c. $450,000. d. $750,000.

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter9: Long-term Assets: Fixed And Intangible
Section: Chapter Questions
Problem 9.12EX
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Question 29 Not yet answered Points out of 2.50 P Flag question Keen Company's accounting records indicated the following information: Inventory, beginning-of-year $ 1,800,000 Purchases during the year 9,000,000 Sales during the year 11,400,000 A physical inventory taken on year-end reported an ending inventory of $2,100,000. Keen's gross profit on sales has remained constant at 25% in recent years. Keen suspects some inventory may have been taken by a new employee. At year-end, what is the estimated cost of missing inventory? Select one: O a. $150,000. b. $600,000. c. $450,000. d. $750,000.
Transcribed Image Text:Question 29 Not yet answered Points out of 2.50 P Flag question Keen Company's accounting records indicated the following information: Inventory, beginning-of-year $ 1,800,000 Purchases during the year 9,000,000 Sales during the year 11,400,000 A physical inventory taken on year-end reported an ending inventory of $2,100,000. Keen's gross profit on sales has remained constant at 25% in recent years. Keen suspects some inventory may have been taken by a new employee. At year-end, what is the estimated cost of missing inventory? Select one: O a. $150,000. b. $600,000. c. $450,000. d. $750,000.
Question 30 Not yet answered Points out of 2.50 P Flag question Piazza Company purchased a machine on June 1 of the current year, for $1,000,000. The machine has an estimated useful life of five years and a salvage value of $200,000. The machine is being depreciated from the date of acquisition by the 150% declining-balance method. At year-end December 31, Piazza should record depreciation expense on this machine of Select one: O a. $140,000. O b. $175,000. O c. $240,000. O d. $300,000.
Transcribed Image Text:Question 30 Not yet answered Points out of 2.50 P Flag question Piazza Company purchased a machine on June 1 of the current year, for $1,000,000. The machine has an estimated useful life of five years and a salvage value of $200,000. The machine is being depreciated from the date of acquisition by the 150% declining-balance method. At year-end December 31, Piazza should record depreciation expense on this machine of Select one: O a. $140,000. O b. $175,000. O c. $240,000. O d. $300,000.
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