76.The value of ending inventory using FIFO is
a. $1,250
b. $1,350
c. $1,375
d. $1,150
77.The value of ending inventory using LIFO is
a. $1,250
b. $1,350
c. $1,375
d. $1,150
78.The value of ending inventory rounded to nearest dollar using average cost is:
a. $1,353
b. $1,263
c. $1,375
d. $1,150
The following lots of a particular commodity were available for sale during the year:
Beginning inventory10 units at $30
First purchase25 units at $32
Second purchase30 units at $34
Third purchase10 units at $35
79.The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What isthe amount of inventory at the end of the year according to the LIFO method?
a. $655
b. $620
c. $690
d. $659
80.The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What isthe amount of inventory at the end of the year according to the FIFO method?
a. $655
b. $620
c. $690
d. $659
81.The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What isthe amount of inventory at the end of the year rounded to nearest dollar according to the average cost method?
a. $655
b. $620
c. $690
d. $659
The following lots of a particular commodity were available for sale during the year:
Beginning inventory5 units at $61
First purchase15 units at $63
Second purchase10 units at $74
Third purchase10 units at $77
The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year.
82.What is the amount of cost of goods sold for the year according to the average cost method?
a. $1,380
b. $1,375
c. $1,510
d. $1,250
83.What is the amount of cost of merchandise sold for the year according to the FIFO method?a. $1,380
b. $1,375
c. $1,510
d. $1,250
84.What is the amount of cost of merchandise sold for the year according to the LIFO method?a. $1,380
b. $1,375
c. $1,510
d. $1,250
85.Under a periodic inventory system
a.accounting records continuously disclose the amount of inventory
b.a separate account for each type of merchandise is maintained in a subsidiary ledger
c.a physical inventory is taken at the end of the period
d.merchandise inventory is debited when goods are returned to vendors
The following lots of a particular commodity were available for sale during the year:
Beginning inventory10 units at $60
First purchase25 units at $65
Second purchase30 units at $68
Third purchase15 units at $75
The firm uses the periodic system and there are 25 units of the commodity on hand at the end of the year.