2. Jane's April 1 inventory had a cost of $48,000 and a retail value of $70,000. During April, net purchases cost $210,000 with a retail value of $390,000. Net sales at retail for Jane for April were $280,000. Calculate the cost of ending inventory using the retail inventory method. (Round to the nearest hundredth percent.)

3. Use the below information to calculate the (a) net sales, (b) gross profit, (c) total operating expenses, and (d) net income.
Sales returns                         $700
Rent expense                         $1,288
Sales discounts                      $950
Depreciation expense             $600
Cost of merchandise sold       $7,600
Gross sales                            $20,900
Advertising expense                $1,650
Salary expense                      $2,900
Heat expense                         $900

2. The checkbook of Vance Company had a balance of $2,210.55. The bank statement showed a balance of $4,918.18. The bank collected a $2,000 note minus a $5 service charge. There was a deposit in transit of $610.88. Several checks outstanding totaled $1,196.17. Vance collected $42.33 in interest on the checking account. Vance recorded a $300 check for $400. The bank service charge is $14.99. What is the adjusted reconciled balance?

5. Find the amount of (a) net price and (b) trade discount using the following information:
Stove List          $1,400
Chain discount    13/10/4

7. Mobilee Oil Company accepted a $10,000, 120-day note dated March 3 at 81/2% to settle a past-due account receivable. Mobilee Oil discounted the note to raise cash on May 10 at a discounted rate of 9%. What proceeds did Mobilee Oil receive? Use ordinary interest

2. Jane's April 1 inventory had a cost of $48,000 and a retail valu...