Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $185,000, expenses of $103,700, The company paid $18,000 cash in dividends to the owner (sole stockholder). The retained earnings account before closing had a balance of $297,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: a. Debit Retained Earnings $63,300; credit Income Summary $63,300 b. Debit Income Summary $63,300; credit Retained Earnings $63,300 c. Debit Retained Earnings $81,300; credit Income Summary $81,300 d. Debit Retained Earnings $297,000; credit Income Summary $297,000 e. Debit Income Summary $81,300; credit Retained Earnings $81,300

Problem 8-6 cullumber company is a multi product firm. presented below is information concerning one of its products, the hawkeye. date transaction quantity price/cost 1/1 beginning inventory 2,700 $17 2/4 purchase 3,700 26 2/20 sale 4,200 43 4/2 purchase 4,700 33 11/4 sale 3,900 47 calculate average-cost per unit. (round answer to 4 decimal places, e.g. 2.7613.) average-cost per unit $ link to text compute cost of goods sold, assuming cullumber uses: (round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) cost of goods sold (a) periodic system, fifo cost flow $ (b) perpetual system, fifo cost flow $ (c) periodic system, lifo cost flow $ (d) perpetual system, lifo cost flow $ (e) periodic system, weighted-average cost flow $ (f) perpetual system, moving-average cost flow $ click if you would like to show work for this question: open show work