Following are the account balances from Samuel Company's statement of comprehensive income: Inventory, January 1, 2017 $25,000 Purchases 35,000 Purchase returns 2,000 Purchase discounts 4,000 Freight-in 5,000 Inventory, December 31, 2017 10,000 Freight-out 6,000 Given this information, the cost of merchandise available for sale during 2017 is Oa. $69,000 Ob. $65,000 Oc. $59,000 Od. $61,000

Which of the 3 methods of inventory costing (Lifo, Fifo, or Average Cost) will result in the lowest annual income tax expense for the year if prices to acquire the inventory have been steadily rising during the year?

Use the following statement of financial position and statement of comprehensive income Blue Bird, Inc. 2018 Statement of comprehensive income Net Sales Less: Cost of Goods Sold Less: Depreciation Earnings Before Interest and Taxes Less: Interest Paid Taxable Income Less: Taxes Net Income Blue Bird, Inc. Statement of financial position Years ended 2017 and 2018 $12,630 8,240 1,010 3,380 750 $2,630 920 $1,710 Cash Accounts rec. Inventory Total 2017 2018 $640 $590 1,200 1,390 2,300 2,470 $4,140 $4,450 Net fixed assets 4,640 5,200 Total assets $8,780 $9,650 Total liabilities & equity Accounts payable Long-term debt Common stock Retained earnings 2017 2018 2,500 2,800 4,000 4,500 1,040 1,690 $8,780 $9,650 Blue Bird, Inc. has 1,500 shares of stock outstanding. The price-earnings ratio for 2018 is 21. What is the market price per share of stock?

Required information [The following information applies to the questions displayed below.] Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $43,000 and a cost of $33,210 based on the conventional retail method. b. Transactions during 2019 were as follows: Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost $249,510 6,300 4,800 26,500 Retail $470,000 22,000 446,500 8,000 4,500 23,000 22,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $55,080, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 102% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $47,250, the cost-to-retail percentage for…