Question Details

Using the LIFO method, what is the ending inventory 



1.	Checkers uses the periodic inventory system. For the current month, the beginning inventory consisted of 1,200 units that cost $12 each. During the month, the company made two purchases: 500 units at $13 each and 2,000 units at $13.50 each. Checkers also sold 2,150 units during the month. Using the FIFO method, what is the ending inventory?
a.	$20,073.
b.	$18,600.
c.	$20,925.
d.	$18,950.

	2.	Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 200 units that cost $65 each. During the month, the company made two purchases: 300 units at $68 each and 150 units at $70 each. Chess Top also sold 500 units during the month. Using the FIFO method, what is the amount of cost of goods sold for the month?
a.	$33,770.
b.	$32,500.
c.	$34,150.
d.	$33,400.

	3.	Checkers uses the periodic inventory system. For the current month, the beginning inventory consisted of 1,200 units that cost $12 each. During the month, the company made two purchases: 500 units at $13 each and 2,000 units at $13.50 each. Checkers also sold 2,150 units during the month. Using the LIFO method, what is the ending inventory ?
a.	$20,073.
b.	$18,600.
c.	$20,925.
d.	$18,950.

Use the following information for questions 4 and 5.
Transactions for the month of June were:
		Purchases			Sales	
	June  1	(balance)    800 @ $3.20	June  2	600 @ $5.50
	3	2,200 @   3.10	6	1,600 @   5.50
	7	1,200 @   3.30	9	1,000 @   5.50
	15	1,800 @   3.40	10	400 @   6.00
	22	500 @   3.50	18	1,400 @   6.00
			25	200 @   6.00

4.	Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is
a.	$4,110.
b.	$4,160.
c.	$4,290.
d.	$4,470.

5.	Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is
a.	$4,110.
b.	$4,160.
c.	$4,290.
d.	$4,470.




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