Junk Jewelers started business January 1, 2021, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2021: Cost RetailBeginning inventory$15,000  $23,000 Purchases 49,000   78,000 Freight-in 2,500     Purchase returns 1,700   2,600 Net markups     2,000 Net markdowns     4,100 Net sales     70,600 Employee discounts     700 The denominator for the current period’s cost-to-retail percentage is:

Company A is identical to Company Z in every respect except that Company A uses LIFO and Company Z uses average costs. In an extended period of rising inventory costs, Company A’s gross profit and inventory turnover ratio, compared to Company Z’s, would be: Gross Profit Inventory Turnovera.higher higherb.higher lowerc.lower lowerd.lower higher

Northwest Fur Co. started 2021 with $94,000 of merchandise inventory on hand. During 2021, $400,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $7,500. Merchandise with an invoice amount of $5,000 was returned for credit. Cost of goods sold for the year was $380,000. Northwest uses a perpetual inventory system.What is ending inventory assuming Northwest uses the gross method to record purchases?

Which of the following is not true about accounting for investments using the equity method under IFRS?

CBC Co. plans to retire $100 million in bonds in five years, so it wishes to fund a savings account at the beginning of each year during that period for which it expects to earn 8% annually. At the end of the five years, there will be enough money in the account to pay off the bonds. What amount does CBC need to invest each year?  Present and future values of $1 at 8.0% are presented below:  

Utah Mining Co. (UMC) paid $200 million for the right to explore and extract rare metals from land owned by the state of Utah. To obtain the rights, UMC agreed to restore the land to a suitable condition for other uses after its exploration and extraction activities. UMC incurred exploration and development costs of $60 million on the project. UMC has a credit-adjusted risk free interest rate is 7%. It estimates the possible cash flows for restoring the land, three years after its extraction activities begin, as follows: (PV of $1, PVA of $1) (Use appropriate factor(s) from the tables provided.)Cash Outflow Probability$10million  60% $30million  40% The asset retirement obligation (rounded) that should be recognized by UMC at the beginning of the extraction activities is:

Questions 17 and 18 pertain to the Urease test. These are Urease tubes. 17.  How many are negative for a urease test?

CyberX Software began a new development project in 2020. The project reached technological feasibility on June 30, 2021, and was available for release to customers at the beginning of 2022. Development costs incurred prior to June 30, 2021, were $3,200,000 and costs incurred from June 30 to the product release date were $1,400,000. The economic life of the software is estimated at four years. For what amount will software be capitalized in 2021?

Question 24 and 25 pertain to a catalase test. 25. What is added to the bacterial samples to test this reaction?

Maine Co. began a construction project in 2016 with a contract price of $150 million to be received when the project is completed in 2018. During 2016, Maine incurred $36 million of costs and estimates an additional $84 million of costs to complete the project. Maine recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed. Maine: