Question Details

Unitech has the following inventory 


1.	Unitech has the following inventory information.
July	1	Beginning Inventory	30 units at $19	$   570
	7	Purchases	105 units at $20	2,100
	22	Purchases	15 units at $22	     330
			$3,000
A physical count of merchandise inventory on July 31 reveals that there are 45 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is
a.	$870.
b.	$930.
c.	$2,070.
d.	$2,130.

2.	Neighborly Industries has the following inventory information.
July	1	Beginning Inventory	20 units at $120
	5	Purchases	120 units at $112
	14	Sale	80 units
	21	Purchases	60 units at $115
	30	Sale	56 units

Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis?
a.	$7,328
b.	$7,348
c.	$15,392
d.	$15,412

3.	Shandy Shutters has the following inventory information.
Nov.	1	Inventory	15 units @	€6.00
	8	Purchase	60 units @	€6.45
	17	Purchase	30 units @	€6.30
	25	Purchase	45 units @	€6.60

A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a periodic inventory system is used. Ending inventory under LIFO is
a.	€329.
b.	€316.
c.	€634.
d.	€647.

4.	Lee Industries had the following inventory transactions occur during 2011:
		Units	Cost/unit
2/1/11	Purchase	54	$45
3/14/11	Purchase	93	$47
5/1/11	Purchase	66	$49

The company sold 153 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company- gross profit using LIFO? (rounded to whole dollars)
a.	$7,323
b.	$7,095
c.	$2,544
d.	$2,316

5.	In a period of rising prices, the costs allocated to ending inventory may be understated in the
a.	average-cost method.
b.	FIFO method.
c.	gross profit method.
d.	LIFO method.




Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help