1. The following units of an inventory item were available for sale during the year. Use this information to answer the following question. Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using FIFO is A. $1,350 B. $1,250 C. $1,375 D. $1,150 2. The following units of an inventory item were available for sale during the year. Use this information to answer the following question. Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using LIFO is A. $1,150 B. $1,250 C. $1,375 D. $1,350 3. The following units of an inventory item were available for sale during the year. Use this information to answer the following question. Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory rounded to nearest dollar using average cost is: A. $1,263 B. $1,375 C. $1,150 D. $1,353
1. The following units of an inventory item were available for sale during the year. Use this information to answer the following question. Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using FIFO is A. $1,350 B. $1,250 C. $1,375 D. $1,150 2. The following units of an inventory item were available for sale during the year. Use this information to answer the following question. Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using LIFO is A. $1,150 B. $1,250 C. $1,375 D. $1,350 3. The following units of an inventory item were available for sale during the year. Use this information to answer the following question. Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory rounded to nearest dollar using average cost is: A. $1,263 B. $1,375 C. $1,150 D. $1,353
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.24MCE
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1. The following units of an inventory item were available for sale during the year. Use this information to answer the following question.
The firm uses the periodic inventory system. During the year, 60 units of the item were sold.
The value of ending inventory using FIFO is
Beginning inventory | 10 units at $55 | |
First purchase | 25 units at $60 | |
Second purchase | 30 units at $65 | |
Third purchase | 15 units at $70 |
The firm uses the periodic inventory system. During the year, 60 units of the item were sold.
The value of ending inventory using FIFO is
A. $1,350
B. $1,250
C. $1,375
D. $1,150
2. The following units of an inventory item were available for sale during the year. Use this information to answer the following question.
The firm uses the periodic inventory system. During the year, 60 units of the item were sold.
The value of ending inventory using LIFO is
Beginning inventory | 10 units at $55 | |
First purchase | 25 units at $60 | |
Second purchase | 30 units at $65 | |
Third purchase | 15 units at $70 |
The firm uses the periodic inventory system. During the year, 60 units of the item were sold.
The value of ending inventory using LIFO is
A. $1,150
B. $1,250
C. $1,375
D. $1,350
3. The following units of an inventory item were available for sale during the year. Use this information to answer the following question.
The firm uses the periodic inventory system. During the year, 60 units of the item were sold.
The value of ending inventory rounded to nearest dollar using average cost is:
Beginning inventory | 10 units at $55 | |
First purchase | 25 units at $60 | |
Second purchase | 30 units at $65 | |
Third purchase | 15 units at $70 |
The firm uses the periodic inventory system. During the year, 60 units of the item were sold.
The value of ending inventory rounded to nearest dollar using average cost is:
A. $1,263
B. $1,375
C. $1,150
D. $1,353
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