1. A company just starting business made the following four inventory purchases in June:

June 1	150 units	$520
June 10	200 units	780
June 15	200 units	840
June 28	150 units	660
		$2800

A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. using the LIFO method, the value of the ending inventory on June 30 is:

a) $715

b) $1930

c) $870

d) $2085

2. Midwest Automotive Design was incorporated on January 1, 2017, issuing 1,000 shares of $100 par value , 5% cumulative preferred stock, and 500 shares of $10 par value common stock. Midwest Automotive Design did not pay dividends in 2017 and 2018.

The Midwest Automotive Design pays a total of $22,000 in dividends in 2019, how much will the common stock shareholders receive?

a) $0

b) $7,000

c) $15,000

d) $12,000