1. Beginning inventory, purchases and sales data for tennis rackets are as follows:

	Apr 3	Inventory		12 units	@	$25
	11	Purchase		13 units	@	$27
	14	Sale		18 units
	21	Purchase		9 units	@	$30
	25	Sale		10 units

Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold and ending inventory under Last-in, first-out:

Group of answer choices

cost of merchandise sold $771; ending inventory $150

cost of merchandise sold $120; ending inventory $621

cost of merchandise sold $621; ending inventory $145

cost of merchandise sold $150; ending inventory $771

2.

Use the following information to answer the following questions. The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May.

Date	Product Z	Units	Cost
May 3	Purchase	5	$30
May 10	Sale	3
May 17	Purchase	10	$34
May 20	Sale	6
May 23	Sale	3
May 30	Purchase	10	$40

Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the average inventory cost method.

Group of answer choices

$250

$160

$200

$204