11Williams Company had the following balances and transactions during 2013. Beginning inventory 10 units at $70 June 10 Purchased 20 units at $80 December 30 Sold 15...

11Williams Company had the following balances and transactions during 2013.

What would the company's inventory amount be on the December 31, 2013 balance sheet if the perpetual LIFO method is used? (Answers are rounded to the nearest dollar.)

A) $1,050

B) $1,100

C) $ 900

D) $1,200

12Williams Company had the following balances and transactions during 2013.

What would the company's inventory amount be on the December 31, 2013 balance sheet if the perpetual average-costing method is used? (Answers are rounded to the nearest dollar.)

A) $1,200

B) $1,150

C) $1,050

D) $ 900

13Williams Company had the following balances and transactions during 2013.

What would the company's inventory amount be on the December 31, 2013 balance sheet if the perpetual FIFO method is used? (Answers are rounded to the nearest dollar.)

A) $1,200

B) $1,170

C) $1,050

D) $1,100

14Williams Company had the following balances and transactions during 2013.

What would the company's inventory amount be on the December 31, 2013 balance sheet if the perpetual LIFO method is used? (Answers are rounded to the nearest dollar.)

A) $1,050

B) $1,100

C) $ 900

D) $1,200

15Williams Company had the following balances and transactions during 2013.

What would the company's inventory amount be on the December 31, 2013 balance sheet if the perpetual average costing method is used? (Answers are rounded to the nearest dollar.)

A) $1,200

B) $1,150

C) $1,050

D) $ 900

16One hundred units of inventory on hand at the end of the year are recorded at their cost of $10 each using

LIFO. Current replacement cost is $8.00. What amount would be reported as Inventory on the balance sheet?

A) $1,000.00

B) $ 10.00

C) $ 800.00

D) $ 8.00

17One hundred units of inventory on hand at the end of the year are recorded at their cost of $10 each using LIFO. Current replacement cost is $11.00. What amount would be reported as Inventory on the balance sheet?

A) $1,000.00

B) $ 10.00

C) $ 800.00

D) $ 8.00

18One hundred units of inventory on hand at the end of the year are recorded at their cost of $10 each using LIFO. Current replacement cost is $8.00. How would the Cost of goods sold be affected by the adjusting entry needed under lower-of-cost-or-market?

A) Cost of goods sold would not be affected.

B) Cost of goods sold would go down by $80.

C) Cost of goods sold would go up by $200.

D) Cost of goods sold would go down by $200.

19One hundred units of inventory on hand at the end of the year are recorded at their cost of $10 each using LIFO. Current replacement cost is $8.00. How would the Gross profit be affected by the adjusting entry needed under lower-of-cost-or-market?

A) Gross profit would not be affected.

B) Gross profit would go down by $80.

C) Gross profit would go up by $200.

D) Gross profit would go down by $200.

20A company's ending inventory is $450,000 using the perpetual FIFO inventory costing method. Replacement cost for the ending inventory is $420,000. Prepare the journal entry to adjust inventory.