Question Details

Graham Company uses a periodic inventory 



1.	The cost of goods available for sale is allocated to the cost of goods sold and the
a.	beginning inventory.
b.	ending inventory.
c.	cost of goods purchased.
d.	gross profit.

2.	At May 1, 2011, Deitrich Company had beginning inventory consisting of 100 units with a unit cost of €3.50.  During May, the company purchased inventory as follows:
200 units at €3.50
300 units at €4.00
The company sold 500 units during the month for €6 per unit. Deitrich uses the average-cost method. The average cost per unit for May is
a.	€3.50.
b.	€3.75.
c.	€3.80.
d.	€4.00.


	3.	At May 1, 2011, Deitrich Company had beginning inventory consisting of 100 units with a unit cost of €3.50.  During May, the company purchased inventory as follows:
200 units at €3.50
300 units at €4.00
The company sold 500 units during the month for €6 per unit. Deitrich uses the average cost method. The value of Deitrich- inventory at May 31, 2011 is
a.	€350.
b.	€375.
c.	€400.
d.	€2,250.


	4.	At May 1, 2011, Deitrich Company had beginning inventory consisting of 100 units with a unit cost of €3.50.  During May, the company purchased inventory as follows:
200 units at €3.50
300 units at €4.00
The company sold 500 units during the month for €6 per unit. Deitrich uses the average cost method. Deitrich- gross profit for the month of May is
a.	€1,125.
b.	€1,875.
c.	€2,250.
d.	€3,000.


5.	Graham Company uses a periodic inventory system. Details for the inventory account for the month of January, 2011 are as follows:
	Units	Per unit price	Total
Balance, 1/1/11	300	$5.00	$1500
Purchase, 1/15/11	150	5.30	795
Purchase, 1/28/11	150	5.50	825

An end of the month (1/31/11) inventory showed that 180 units were on hand. How many units did the company sell during January, 2011?
a.	120
b.	180
c.	300
d.	420





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