9) Under which of the following inventory costing methods is the Cost of goods sold based on the cost of the oldest purchases?
A) Specific-unit-cost
B) Average-cost
C) Last-In, First-Out
D) First-In, First-Out
10) Under which of the following inventory costing methods is ending inventory based on the cost of the oldest purchases?
A) Specific-unit-cost
B) Average-cost
C) Last-In, First-Out
D) First-In, First-Out
11) Under which of the following inventory costing methods is ending inventory based on the cost of the most recent purchases?
A) Specific-unit-cost
B) Average-cost
C) Last-In, First-Out
D) First-In, First-Out
12) A new average cost is calculated after each purchase when a business is using which of the following methods?
A) Specific-unit-cost
B) Average-cost
C) Last-In, First-Out
D) First-In, First-Out
Learning Objective 6-3
1) A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the First-In, First-Out inventory costing method, what is the amount of ending inventory on December 31?
A) $1,500
B) $1,250
C) $1,000
D) $2,250
2) A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the average-cost inventory costing method, what is the amount of ending inventory on December 31?
A) $1,000
B) $1,250
C) $2,250
D) $1,500
3) A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the Last-In, First-Out inventory costing method, what is the amount of ending inventory on December 31?
A) $1,500
B) $1,250
C) $1,000
D) $2,250
4) A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the First-In, First-Out inventory costing method, what is the amount of Cost of goods sold on the December 3 income statement?
A) $6,750
B) $4,000
C) $3,500
D) $3,750
5) A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the average-cost inventory costing method, what is the amount of Cost of goods sold on the December 31 income statement?
A) $6,750
B) $3,750
C) $4,000
D) $3,500
6) A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the Last-In, First-Out inventory costing method, what is the amount of Cost of goods sold on the December 31 income statement?
A) $4,000
B) $3,750
C) $6,750
D) $3,500