11) Rick Company’s beginning inventory and purchases during the fiscal year ended December 31, 2012 were as follows: (NOTE: The company uses a perpetual system of inventory.) Units Unit...

11) Rick Company’s beginning inventory and purchases during the fiscal year ended December 31, 2012 were as follows: (NOTE: The company uses a perpetual system of inventory.)

What is the ending inventory of Rick Company for 2012 using FIFO?

12) Casey Company’s beginning inventory and purchases during the fiscal year ended December 31, 2012 were as follows: (NOTE: The company uses a perpetual system of inventory.)

What is the ending inventory of Casey Company for 2012 using FIFO?

13) Prepare the journal entries to record the cost of an item for $28 that sold for $40 cash under the perpetual

inventory method.

14) Prepare the journal entry to record the purchase of $7,400 of inventory on account under the perpetual

inventory method.

15) When merchandise is sold and the perpetual system of inventory is used, the journal entry to record a

sale of merchandise on account would include:

16) Rick Company’s beginning inventory and purchases during the fiscal year ended December 31, 2012 were as follows: (NOTE: The company uses a perpetual system of inventory.)

What is the cost of goods sold for Rick Company for 2012 using FIFO showing detailed calculations.