1. As a result of a thorough physical inventory, Greeley Company determined that it had inventory worth $325,000 at December 31, 2020. This count did not take into consideration the following facts: Walker Consignment currently has goods worth $47,000 on its sales floor that belong to Greeley but are being sold on consignment by Walker. The selling price of these goods is $75,000. Greeley purchased $22,000 of goods that were shipped on December 27. FOB destination, that will be received by Greeley on January 3. Determine the correct amount of inventory that Greeley should report.

a. $325,000.

b. $347,000.

c. $372,000.

d. $387,000.

2. Bud's Place recorded the following data:

Units Unit

Date Received Sold On Hand Cost

1/1 Inventory 500 $2.40

1/8 Purchased 1,000 1,500 3.00

1/12 Sold 1,200 300

The weighted average unit cost of the inventory at January 31 is:

a. $2.40.

b. $2.70.

c. $2.80.

d. $3.402.

3. Quayle Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows:

Date Purchases Sales

Jan. 14 380 @ $15

17 250 @ $10

25 250 @ $12

29 260 @ $17

Quayle does not maintain perpetual inventory records. According to a physical count, 360 units were on hand at January 31.

The cost of the inventory at January 31, under the FIFO method is:

a. $3,240.

b. $3,650.

c. $4,100.

d. $3,820.

4. A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $65; Second purchase $78; Third purchase $68. If the company sold two units for a total of $200 and used FIFO costing, the gross profit for the period would be

a. $55.

b. $57.

c. $62.

d. $68.

1. As a result of a thorough physical inventory. Greeley Company determined that it had inventory worth $325,000 at December 31, 2020. This count did not take into consideration the following facts: Walker Consignment currently has goods worth $47.000 on its sales floor that belong to Greeley but are being sold on consignment by Walker. The selling price of these goods is $75,000. Greeley purchased $22,000 of goods that were shipped on December 27. FOB destination, that will be received by Greeley on January 3. Determine the correct amount of inventory that Greeley should report. a. \$325,000. b. $347,000. c. $372,000. d. $387,000. 2. Bud's Place recorded the following data: The weighted average unit cost of the inventory at January 31 is: a. $2.40. b. $2.70. c. $2.80. d. $3.402. 3. Quayle Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Jan.Date17252914250@$10250@$12Purchases380@$15260@$17Sales Quayle does not maintain perpetual inventory records. According to a physical count, 360 units were on hand at January 31. The cost of the inventory at January 31 , under the FIFO method is: a. $3,240. b. $3,650. c. $4,100. d. $3,820. 4. A company just starting in business purchased three merchandise inventory items at the following prices. First purchase \$65; Second purchase \$78; Third purchase \$68. If the company sold two units for a total of $200 and used FIFO costing, the gross profit for the period would be a. $55. b. $57. c. $62. d. $68