101) A company had the following purchases and sales during its first year of operations:
Purchases Sales
January: 10 units at $120 6 units
February: 20 units at $125 5 units
May: 15 units at $130 9 units
September: 12 units at $135 8 units
November: 10 units at $140 13 units
On December 31, there were 26 units remaining in ending inventory. Using the periodic LIFO
inventory costing method, what is the cost of the ending inventory? (Assume all sales were made
on the last day of the month.)
A) $3,405.
B) $3,270.
C) $3,200.
D) $3,364.
E) $5,400.
102) A company had the following purchases and sales during its first year of operations:
Purchases Sales
January: 10 units at $120 6 units
February: 20 units at $125 5 units
May: 15 units at $130 9 units
September: 12 units at $135 8 units
November: 10 units at $140 13 units
On December 31, there were 26 units remaining in ending inventory. Using the perpetual FIFO
inventory costing method, what is the value of cost of goods sold? (Assume all sales were made
on the last day of the month.)
A) $8,670.
B) $3,540.
C) $5,400.
D) $5,130.
E) $3,270.
103) A company had the following purchases and sales during its first year of operations:
Purchases Sales
January: 10 units at $120 6 units
February: 20 units at $125 5 units
May: 15 units at $130 9 units
September: 12 units at $135 8 units
November: 10 units at $140 13 units
On December 31, there were 26 units remaining in ending inventory. Using the periodic FIFO
inventory costing method, what is the value of cost of goods sold? (Assume all sales were made
on the last day of the month.)
A) $8,670.
B) $3,540.
C) $5,400.
D) $5,130.
E) $3,270.
104) A company had the following purchases and sales during its first year of operations:
Purchases Sales
January: 10 units at $120 6 units
February: 20 units at $125 5 units
May: 15 units at $130 9 units
September: 12 units at $135 8 units
November: 10 units at $140 13 units
On December 31, there were 26 units remaining in ending inventory. Using the perpetual LIFO
inventory costing method, what is the value of cost of goods sold? (Assume all sales were made
on the last day of the month.)
A) $8,670.
B) $5,400.
C) $5,470.
D) $5,130.
E) $5,305.
105) A company had the following purchases and sales during its first month of operations:
January 1 Purchased 10 units at $4.00 per unit
January 9 Sold 6 units at $12.00 per unit
January 17 Purchased 8 units at $5.50 per unit
January 27 Sold 7 units at $12.00 per unit
Using the perpetual weighted average method, what is the value of cost of goods sold? (Round
weighted average costs per unit to 2 decimal places.)
A) $40.00.
B) $59.00.
C) $25.00.
D) $24.00.
E) $23.35.
106) A company had the following purchases and sales during its first year of operations:
Purchases Sales
January: 10 units at $120 6 units
February: 20 units at $125 5 units
May: 15 units at $130 9 units
September: 12 units at $135 8 units
November: 10 units at $140 13 units
On December 31, there were 26 units remaining in ending inventory. Using the periodic LIFO
inventory costing method, what is the value of cost of goods sold? (Assume all sales were made
on the last day of the month.)
A) $8,670.
B) $5,400.
C) $5,470.
D) $3,200.
E) $5,130.
107) A company had the following purchases and sales during its first month of operations:
January 1 Purchased 10 units at $4.00 per unit
January 9 Sold 6 units at $12.00 per unit
January 17 Purchased 8 units at $5.50 per unit
January 27 Sold 7 units at $12.00 per unit
Using the Periodic weighted average method, what is the value of cost of goods sold? (Round
weighted average cost per unit to 2 decimal places, and final answer to the nearest whole
dollar.)
A) $84.
B) $61.
C) $23.
D) $27.
E) $5.
108) A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2,
they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On
November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what
was the value of the inventory on November 8 after the sale?
A) $304
B) $296
C) $288
D) $280
E) $276
109) Marquis Company uses a weighted-average perpetual inventory system and has the
following purchases and sales:
August 2 10 units were purchased at $12 per unit.
August 18 15 units were purchased at $14 per unit.
August 29 12 units were sold.
What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2
decimal places.)
A) $148.00
B) $150.50
C) $158.40
D) $210.00
E) $330.00
110) Monarch Company uses a weighted-average perpetual inventory system, and has the
following purchases and sales:
January 1 20 units were purchased at $10 per unit.
January 12 12 units were sold.
January 20 18 units were purchased at $11 per unit.
What is the value of ending inventory? (Round average cost per unit to 2 decimal places and
final answer to the nearest dollar.)
A) $278.
B) $272.
C) $126.
D) $398.
E) $120.
111) Monarch Company uses a weighted-average perpetual inventory system and has the
following purchases and sales:
January 1 20 units were purchased at $10 per unit.
January 12 12 units were sold.
January 20 18 units were purchased at $11 per unit.
What is the value of cost of goods sold?
A) $278.
B) $272.
C) $126.
D) $398.
E) $120.
112) Eastview Company uses a perpetual LIFO inventory system, and has the following
purchases and sales:
January 1 150 units were purchased at $9 per unit.
January 17 120 units were sold.
January 20 160 units were purchased at $11 per unit.
January 29 150 units were sold.
What is the value of cost of goods sold?
A) $2,730.
B) $2,750.
C) $2,670.
D) $440.
E) $380.
113) Eastview Company uses a perpetual LIFO inventory system, and has the following
purchases and sales:
January 1 150 units were purchased at $9 per unit.
January 17 120 units were sold.
January 20 160 units were purchased at $11 per unit.
January 29 150 units were sold.
What is the value of ending inventory?
A) $2,730.
B) $2,750.
C) $2,670.
D) $440.
E) $380.
114) Eastview Company uses a periodic LIFO inventory system, and has the following
purchases and sales:
January 1 150 units were purchased at $9 per unit.
January 17 120 units were sold.
January 20 160 units were purchased at $11 per unit.
January 29 150 units were sold.
What is the value of cost of goods sold?
A) $2,730.
B) $2,750.
C) $2,670.
D) $440.
E) $380.
115) Eastview Company uses a periodic LIFO inventory system, and has the following
purchases and sales:
January 1 150 units were purchased at $9 per unit.
January 17 120 units were sold.
January 20 160 units were purchased at $11 per unit.
January 29 150 units were sold.
What is the value of ending inventory?
A) $2,730.
B) $2,750.
C) $2,670.
D) $440.
E) $360.
116) Grays Company has inventory of 10 units at a cost of $10 each on August 1. On August 3,
it purchased 20 units at $12 each. 12 units are sold on August 6. Using the FIFO perpetual
inventory method, what amount will be reported as cost of goods sold for the 12 units that were
sold?
A) $120.
B) $124.
C) $128.
D) $130.
E) $140.
117) McCarthy Company has inventory of 8 units at a cost of $200 each on October 1. On
October 2, it purchased 20 units at $205 each. 11 units are sold on October 4. Using the FIFO
perpetual inventory method, what amount will be reported as cost of goods sold for the 11 units
that were sold?
A) $2,239.
B) $2,255.
C) $2,200.
D) $2,228.
E) $2,215.
118) McCarthy Company has inventory of 8 units at a cost of $200 each on October 1. On
October 2, it purchased 20 units at $205 each. 11 units are sold on October 4. Using the FIFO
perpetual inventory method, what is the value of inventory after the October 4 sale?
A) $3,485.
B) $3,445.
C) $3,500.
D) $3,472.
E) $3,461.
119) Starlight Company has inventory of 8 units at a cost of $200 each on October 1. On October
2, it purchased 20 units at $205 each. 11 units are sold on October 4. Using the LIFO perpetual
inventory method, what amount will be reported in cost of goods sold for the 11 units that were
sold?
A) $2,239.
B) $2,255.
C) $2,200.
D) $2,228.
E) $2,215.
120) Starlight Company has inventory of 8 units at a cost of $200 each on October 1. On October
2, it purchased 20 units at $205 each. 11 units are sold on October 4. Using the LIFO perpetual
inventory method, what is the value of inventory after the October 4 sale?
A) $3,485.
B) $3,445.
C) $3,500.
D) $3,472.
E) $3,461.
121) A company’s inventory records report the following:
August 1 Beginning balance 15 units @ $12
August 5 Purchase 10 units @ $13
August 12 Purchase 20 units @ $14
On August 15, it sold 30 units. Using the FIFO perpetual inventory method, what is the value of
the inventory at August 15 after the sale?
A) $140
B) $160
C) $210
D) $380
E) $590
122) A company’s inventory records report the following in November of the current year:
Beginning November 1 5 units @ $20
Purchase November 2 10 units @ $22
Purchase November 12 6 units @ $25
On November 8, it sold 12 units for $54 each. Using the LIFO perpetual inventory method, what
was the amount recorded in the cost of goods sold account for the 12 units sold?
A) $254
B) $260
C) $282
D) $188
E) $210
123) A company’s inventory records report the following in November of the current year:
Beginning November 1 5 units @ $20
Purchase November 2 10 units @ $22
Purchase November 12 6 units @ $25
On November 8, it sold 12 units for $54 each. Using the LIFO perpetual inventory method, what
amount of gross profit was earned from the 12 units sold?
A) $577
B) $260
C) $366
D) $438
E) $388