1. If beginning inventory is $20,000, purchases are $185,000, and ending inventory is $30,000, what is cost of goods sold as determined by the cost of goods sold model?
a. $135,000
b. $175,000
c. $195,000
d. $235,000
2. Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30?
a. $32,500
b. $38,400
c. $63,600
d. $69,500
3. Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of goods sold under LIFO at April 30?
a. $37,500
b. $38,400
c. $63,600
d. $64,500
4. Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30?
a. $32,800
b. $38,400
c. $63,600
d. $69,200
5. Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30?
a. $32,800
b. $38,400
c. $63,600
d. $69,200
6. Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under average cost at April 30? (Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
a. $34,667
b. $35,838
c. $66,162
d. $67,333