1.

A company had inventory on November 1 of 5 units at a cost of $15 each. On November 2, they purchased 14 units at $17 each. On November 6 they purchased 10 units at $20 each. On November 8, 12 units were sold for $50 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

• $282

• $319

• $294

• $270

• $279

2.

An employee earns $5,950 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $200 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $168 and contributes $84 to a retirement plan each month. What is the amount the employer should record as payroll taxes expense for the employee for the month of January? (Round your intermediate calculations to two decimal places.)

rev: 02_05_2018_QC_CS-116483

• $812.18

• $1,012.18

• $690.20

• $368.90

• $404.60

3.

A company has beginning inventory of 40 units at a cost of $12.50 each on October 1. On October 5, it purchases 26 units at $13.50 per unit. On October 12 it purchases 36 units at $14.50 per unit. On October 15, it sells 78 units. Using the FIFO periodic inventory method, what is the value of the inventory at October 15 after the sale?

• $725.00

• $300.00

• $648.00

• $377.00

• $348.00

4.

Big Box Store has operated with a 30% average gross profit ratio for a number of years. It had $117,000 in sales during the second quarter of this year. If it began the quarter with $19,700 of inventory at cost and purchased $73,700 of inventory during the quarter, its estimated ending inventory by the gross profit method is:

• $32,100.

• $19,700.

• $35,100.

• $11,500.

• $24,570.

If you could please answer all 4 that would be greatly appreciated. Thanks