1. The following units of an inventory item were available for sale during the year. Use this information to answer the following question. Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using FIFO is A. $1,350 B. $1,250 C. $1,375 D. $1,150 2. The following units of an inventory item were available for sale during the year. Use this information to answer the following question. Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using LIFO is A. $1,150 B. $1,250 C. $1,375 D. $1,350 3. The following units of an inventory item were available for sale during the year. Use this information to answer the following question. Beginning inventory 10 units at $55 First purchase 25 units at $60 Second purchase 30 units at $65 Third purchase 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory rounded to nearest dollar using average cost is: A. $1,263 B. $1,375 C. $1,150 D. $1,353

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. The following units of an inventory item were available for sale during the year. Use this information to answer the following question.

Beginning inventory		10 units at $55
First purchase		25 units at $60
Second purchase		30 units at $65
Third purchase		15 units at $70

The firm uses the periodic inventory system. During the year, 60 units of the item were sold.

The value of ending inventory using FIFO is

A. $1,350

B. $1,250

C. $1,375

D. $1,150

2. The following units of an inventory item were available for sale during the year. Use this information to answer the following question.

Beginning inventory		10 units at $55
First purchase		25 units at $60
Second purchase		30 units at $65
Third purchase		15 units at $70

The firm uses the periodic inventory system. During the year, 60 units of the item were sold.

The value of ending inventory using LIFO is

A. $1,150

B. $1,250

C. $1,375

D. $1,350

3. The following units of an inventory item were available for sale during the year. Use this information to answer the following question.

Beginning inventory		10 units at $55
First purchase		25 units at $60
Second purchase		30 units at $65
Third purchase		15 units at $70

The firm uses the periodic inventory system. During the year, 60 units of the item were sold.

The value of ending inventory rounded to nearest dollar using average cost is:

A. $1,263

B. $1,375

C. $1,150

D. $1,353

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