1. Baker Fine Foods has beginning inventory for the year of $12,000. During the year, Maker purchases inventory for $150,000 and ends the year with $20,000 of inventory. Baker will report cost of goods sold equal to: A. $150,000 B. $158,000. C. $142,000. D. $170,000. 2. Inventory records (utilizing Periodic Inventory) for Dunbar Incorporated revealed the following: Number Unit of Units Cost $2.40 2.50 Date Transaction Beginning inventory 500 400 Apr. 1 Apr. 20 Purchase Dunbar sold 700 units of inventory during the month. Merchandise available for sale irn dollars is? A. $2,800 B. $2,600 C. $2,400 D. $2,200 3. Ending inventory assuming FIFO would be A. $500. B. $490. C. $480 D. $470 4. Cost of goods sold assuming FIFO would be: A. $1,730. B. $1,720. C. $1,710. D. $1,700. Ending inventory assuming average cost would be (round average unit cost to four decimals if necessary) A bit of rounding may be needed to get your final answer: 5. A. $502.02 B. $490.02 C. $488.88 D. $480.88