Cinnamon buns co. (cbc) started 2018 with $52,000 of merchandise on hand. during 2018, $280,000 in merchandise was purchased on account with credit terms of 2/10, n/30. all discounts were taken. purchases were all made f. o.b. shipping point. cbc paid freight charges of $9,000. merchandise with an invoice amount of $4,000 was returned for credit. cost of goods sold for the year was $316,000. cbc uses a perpetual inventory system.

assume instead that (a) freight costs were paid by the vendor, (b) no discounts were taken, and (c) the merchandise on hand at the beginning of 2018 was determined by a physical count that failed to realize that $10,000 of merchandise was being held on consignment for frosting r us inc. what is cost of goods available for sale, assuming cbc uses the gross method to record purchase discounts?

a) 318,000

b) 327,000

c) 321,480

d) 337,000

In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a. no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative. b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child. c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative. d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.