Question : 100.Use this inventory information for the month of May to : 1244402

100.Use this inventory information for the month of May to answer the following question.

 

 

May

1

 

Beginning inventory

20 units @ $76

 

 

7

 

Purchase

70 units @ $80

 

 

18

 

Sale 

25 units

 

 

22

 

Purchase

10 units @ $88

 

 

29

 

Sale 

40 units

 

Assuming that a periodic inventory system is used, what is cost of goods sold on a FIFO basis?

 

a.

$5,200

b.

$2,800

c.

$5,120

d.

$2,880

 

 

 

101.Use this inventory information for the month of May to answer the following question.

 

 

May

1

 

Beginning inventory

20 units @ $76

 

 

7

 

Purchase

70 units @ $80

 

 

18

 

Sale 

25 units

 

 

22

 

Purchase

10 units @ $88

 

 

29

 

Sale 

40 units

 

What is ending inventory under the specific identification method?

 

a.

$2,880

b.

$2,800

c.

$2,720

d.

More information is needed.

 

 

 

102.Use this information to answer the following question.

 

 

Beginning inventory

100 units @ $8.00

 

Purchase—Oct.

200 units @ $6.00

 

Purchase—Dec.

100 units @ $12.00

 

A periodic inventory system is used; ending inventory is 150 units.

 

What is ending inventory under the average-cost method?

 

a.

$900

b.

$1,200

c.

$1,050

d.

$1,350

 

 

 

103.Use this information to answer the following question.

 

 

Beginning inventory

100 units @ $8.00

 

Purchase—Oct.

200 units @ $6.00

 

Purchase—Dec.

100 units @ $12.00

 

A periodic inventory system is used; ending inventory is 144 units.

 

What is cost of goods sold under LIFO?

 

a.

$4,136

b.

$3,136

c.

$2,136

d.

$1,136

 

 

 

104.Use this information to answer the following question.

 

 

Beginning inventory

100 units @ $8.00

 

Purchase—Oct.

200 units @ $6.00

 

Purchase—Dec.

100 units @ $12.00

 

A periodic inventory system is used; ending inventory is 154 units.

 

What is ending inventory under FIFO?

 

a.

$1,424

b.

$1,324

c.

$1,524

d.

$1,624

 

 

 

105.Use this information to answer the following question.

 

 

Feb.

1

 

Inventory

200 units @ $6.00

 

 

6

 

Purchase

300 units @ $6.60

 

 

13

 

Purchase

100 units @ $7.20

 

 

20

 

Purchase

200 units @ $7.80

 

 

25

 

Purchase

  40 units @ $8.40

 

 

 

 

Total sales

620 units

 

A periodic inventory system is used.

 

Using the average-cost method, the cost assigned to ending inventory is

 

a.

$1,584.

b.

$1,692.

c.

$1,518.

d.

$4,278.

 

 

 

106.Use this information to answer the following question.

 

 

Feb.

1

 

Inventory

200 units @ $6.00

 

 

6

 

Purchase

300 units @ $6.60

 

 

13

 

Purchase

100 units @ $7.20

 

 

20

 

Purchase

200 units @ $7.80

 

 

25

 

Purchase

  40 units @ $8.40

 

 

 

 

Total sales

620 units

 

A periodic inventory system is used.

 

Using the specific identification method and assuming that 50 of the items left are from the February 13 purchase and the rest are from the February 20 purchase, the cost assigned to ending inventory is

 

a.

$1,686.

b.

$1,656.

c.

$1,588.

d.

$1,920.

 

 

 

107.Use this information to answer the following question.

 

 

Feb.

1

 

Inventory

200 units @ $6.00

 

 

6

 

Purchase

300 units @ $6.60

 

 

13

 

Purchase

100 units @ $7.20

 

 

20

 

Purchase

200 units @ $7.80

 

 

25

 

Purchase

  40 units @ $8.40

 

 

 

 

Total sales

620 units

 

A periodic inventory system is used.

 

Using LIFO, the cost assigned to ending inventory is

 

a.

$4,056.

b.

$1,740.

c.

$4,464.

d.

$1,332.

 

 

 

108.Use this information to answer the following question.

 

 

Feb.

1

 

Inventory

200 units @ $6.00

 

 

6

 

Purchase

300 units @ $6.60

 

 

13

 

Purchase

100 units @ $7.20

 

 

20

 

Purchase

200 units @ $7.80

 

 

25

 

Purchase

  40 units @ $8.40

 

 

 

 

Total sales

620 units

 

Using FIFO, the cost assigned to ending inventory is

 

a.

$1,332.

b.

$4,056.

c.

$4,464.

d.

$1,740.

 

 

 

109.Use this information to answer the following question.

 

 

Feb.

1

 

Inventory

200 units @ $6.00

 

 

6

 

Purchase

300 units @ $6.60

 

 

13

 

Purchase

100 units @ $7.20

 

 

20

 

Purchase

200 units @ $7.80

 

 

25

 

Purchase

  40 units @ $8.40

 

 

 

 

Total sales

620 units

 

A periodic inventory system is used.

 

Using LIFO, cost of goods sold is

 

a.

$4,464.

b.

$1,332.

c.

$4,056.

d.

$1,740.

 

 

 

 

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