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25. Determine the net income (loss) for the period.  d. Net income $3,580 26. Determine the retained earnings ending balance.  b. $15,730  27. Determine total assets.c. $22,930. Determine the current assetsb. $10,330  29. Dollar Co. Sold merchandise to Pound Co. On account, $25,500, terms 2/15, net 45. The Pound Co. Paid the invoice within the discount period. What is the sales amount to be Recorded in the above transactions?  c. 24990 . 30. The primary difference between the periodic and perpetual inventory systems is that a a. Periodic system determines the inventory on hand only at the end of the accounting Period  31. Using a perpetual inventory system, the entry to record the return from a customer of Merchandise sold on account includes a b. Debit to Merchandise Inventory  32. Merchandise with a sales price of $5,000 is sold on account with terms 2/10, n/30. The Journal entry to record the sale would include a  c.Credit to Sales for $4,900  33. The inventory method that assigns the most recent costs to cost of merchandise sold is  b. LIFO 34. The inventory costing method that reports the earliest costs in ending inventory is b. LIFO 35. If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is A. $800. 36. Using a perpetual system, what is the cost of the merchandise sold for November if the Company uses LIFO?  c. $590

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