78. The following lots of a particular commodity were available for sale during the year:
Beginning inventory
10 units at $30
First purchase
25 units at $32
Second purchase
30 units at $34
Third purchase
10 units at $35
The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the LIFO method? A. $655B. $620C. $690D. $659
79. The following lots of a particular commodity were available for sale during the year:
Beginning inventory
10 units at $30
First purchase
25 units at $32
Second purchase
30 units at $34
Third purchase
10 units at $35
The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the FIFO method? A. $655B. $620C. $690D. $659
80. The following lots of a particular commodity were available for sale during the year:
Beginning inventory
10 units at $30
First purchase
25 units at $32
Second purchase
30 units at $34
Third purchase
10 units at $35
The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the average cost method? A. $655B. $620C. $690D. $659
81. The following lots of a particular commodity were available for sale during the year:
Beginning inventory
5 units at $61
First purchase
15 units at $63
Second purchase
10 units at $74
Third purchase
10 units at $77
The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of good sold for the year according to the average cost method? A. $1,380B. $1,375C. $1,510D. $1,250
82. The following lots of a particular commodity were available for sale during the year:
Beginning inventory
5 units at $61
First purchase
15 units at $63
Second purchase
10 units at $74
Third purchase
10 units at $77
The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of goods sold the year according to the FIFO method? A. $1,380B. $1,375C. $1,510D. $1,250
83. The following lots of a particular commodity were available for sale during the year:
Beginning inventory
5 units at $61
First purchase
15 units at $63
Second purchase
10 units at $74
Third purchase
10 units at $77
The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of goods sold the year according to the LIFO method? A. $1,380B. $1,375C. $1,510D. $1,250
84. Under a periodic inventory system A. accounting records continuously disclose the amount of inventoryB. a separate account for each type of merchandise is maintained in a subsidiary ledgerC. a physical inventory is taken at the end of the periodD. merchandise inventory is debited when goods are returned to vendors
85. The following lots of a particular commodity were available for sale during the year:
Beginning inventory
10 units at $55
First purchase
25 units at $65
Second purchase
30 units at $68
Third purchase
15 units at $70
The firm uses the periodic system and there are 25 units of the commodity on hand at the end of the year. What is the amount of the inventory at the end of the year using the FIFO method? A. $1,645B. $1,525C. $1,730D. $3,535
86. The following lots of a particular commodity were available for sale during the year:
Beginning inventory
10 units at $55
First purchase
25 units at $65
Second purchase
30 units at $68
Third purchase
15 units at $70
The firm uses the periodic system and there are 25 units of the commodity on hand at the end of the year. What is the amount of the inventory at the end of the year using the LIFO method? A. $1,645B. $1,525C. $1,730D. $3,740
87. The following lots of a particular commodity were available for sale during the year:
Beginning inventory
10 units at $55
First purchase
25 units at $65
Second purchase
30 units at $68
Third purchase
15 units at $70
The firm uses the periodic system and there are 25 units of the commodity on hand at the end of the year. What is the amount of the inventory at the end of the year using the average cost method? A. $1,645B. $1,525C. $1,730D. $3,620
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