Question 1 – The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was:
$12,000
$10,000
$ 9,000
$16,000
Question 2 – Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000. The cost of goods sold would be:
$30,000
$35,000
$15,000
$25,000
Question 3 – Following is the inventory activity for July:
Beginning Balance 10 sweaters @ $12 each
1-Jul Purchased 5 sweaters at $14 each
8-Jul Purchased 8 sweaters at $17 each
17-Jul Purchased 6 sweaters at $20 each
24-Jul Sold 12 sweaters for $30 each
What is the ending inventory $ amount using the FIFO method?
$298
$224
$261
Question 4 – Following is the inventory activity for July:
Beginning Balance 10 sweaters @ $12 each
1-Jul Purchased 5 sweaters at $14 each
8-Jul Purchased 8 sweaters at $17 each
17-Jul Purchased 6 sweaters at $20 each
24-Jul Sold 12 sweaters for $30 each
What is the ending inventory $ amount using the LIFO method?
$298
$224
$261
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