1Using the FIFO costing method will always produce the same results whether a company uses perpetual or periodic inventory. 2Using the LIFO costing method will always produce the same results...

1Using the FIFO costing method will always produce the same results whether a company uses perpetual or periodic inventory.

2Using the LIFO costing method will always produce the same results whether a company uses perpetual or periodic inventory.

3Under periodic inventory, the company first calculates Cost of goods sold for the period, and then determines what the Ending inventory balance is.

4When using periodic inventory, the closing process begins with closing out the Beginning inventory to Cost of goods sold.

5When using periodic inventory, the closing process begins with closing out the Beginning inventory to Cost of goods sold. The second step is to set up the ending inventory by debiting Cost of goods sold and crediting Inventory.

6Samson Company had the following balances and transactions during 2012.

What would the company's inventory amount be on the December 31, 2012 balance sheet if the periodic FIFO costing method is used? (Answers are rounded to the nearest dollar.)

A) $554

B) $490

C) $537

D) $560

7Samson Company had the following balances and transactions during 2012.

What would the company's inventory amount be on the December 31, 2012 balance sheet if the periodic LIFO costing method is used? (Answers are rounded to the nearest dollar.)

A) $560

B) $537

C) $554

D) $490

8Samson Company had the following balances and transactions during 2012.

What would the company's inventory amount be on the December 31, 2012 balance sheet if the periodic average-costing method is used? (Answers are rounded to the nearest dollar.)

A) $540

B) $554

C) $490

D) $537

9A company uses periodic inventory in connection with FIFO costing. The company began the year with zero inventory balance. They had the following transactions during the year:

At the end of the year, they counted the inventory and found 55 units remaining. How much was the Cost of goods sold for the year? (Please round to the nearest whole dollar.)

A) $541

B) $582

C) $626

D) $680

10A company uses periodic inventory in connection with LIFO costing. The company began the year with zero inventory balance. They had the following transactions during the year:

At the end of the year, they counted the inventory and found 55 units remaining. How much was the Cost of goods sold for the year? (Please round to the nearest whole dollar.)

A) $541

B) $582

C) $626

D) $680