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Chemical Inc.’s inventory records showed the following:March 1 inventory: 1,000 gallons @ $7.20 per gallon = $7,200Purchases: Sales: March 10600 gallons @ $7.25March 5400 gallonsMarch 16800 gallons @ $7.30March 14[A] gallonsWhat would ending inventory be assuming LIFO in a perpetual inventory system? Enter whole dollar amounts, using commas but no dollar signs.

For its first year of operations, MINI Company reported the following pretax data:Net Sales[B]Cost of goods available for sale2,500Operating expenses880Effective tax rate[C]%Ending inventories: If LIFO is elected[A]If FIFO is elected1,060

On September 10 of the current year, Magic Carpet, Inc. sold carpeting to a customer for $[A] with credit terms [B]/10, n/30. Magic Carpet uses the gross method for reporting sales discounts.  On September 18, the customer pays Magic Carpet the correct amount owed.  What amount, if any, will Magic Carpet debit the Sales Discount account when recording the September 18 payment?

Acme AI Corporation’s December 31, 20X1 trial balance includes the following items:Currency and coins$ [A]Customer checks waiting to be deposited$ [B]Balance in checking account(includes $40,000 of restricted cash that the bank requires as a compensating balance for a long-term note)$ [C]Treasury bills, purchased on 11/1/20X1, mature on 4/30/20X2$ [D]Marketable equity securities$ [E]Commercial paper, purchased on 11/1/20X1, mature on 1/30/20X2$ [F]What amount will Cashmere Soap include in its year-end balance sheet as cash and cash equivalents?

Cinnamon Inc. uses LIFO and has experienced increasing costs. Cinnamon reported a LIFO reserve (also known as the LIFO allowance) at the end of the year of $[A] million. The balance sheet reported ending inventory of $[B] million. What would the ending inventory have been if Cinnamon had always used FIFO? Enter amounts as whole dollars, using commas but not dollar signs.

Grand Co. began the year with inventory $150,000. During the year a fire destroyed the company’s warehouse. Accounting records are available with the following information for the portion of the year prior to the date of the fire:Purchases$ [A]Sales[B]Sales returns10,000Purchases returns4,000Grand has consistently maintained a [C]% gross profit ratio.  Using the gross profit method, at what amount will Grand Co. estimate the amount of inventory destroyed in the fire?

Briefly compare and contrast the income statement and balance sheet approaches to estimating bad debt expense, identifying the pros and cons of each method. Then, state the primary objective of the allowance method, and based on this objective indicate which approach, if either, is superior.

In 1-2 paragraphs, discuss the most important historical event/era that defines Western Civilization.  What makes it so impactful?  Is there a secondary event that could also be as important?  What peoples do you credit with being the most impactful on Western Civilization?

Give an example of one task that a System Administrator would perform in the Technical (Decommissioning) phase of the proper disposal process of a machine.

Describe active management in the context of OS installation. Provide a positive reason for this approach and a potential negative consequence.