1). Bennett Corporation sells kayaks. At the beginning of the year, there was one kayak in inventory costing $300. During the period, Bennett purchased another kayak for $325 and sold one of the kayaks for $475. Identify the true statement.

Multiple choice question.

- Goods available for sale during the period was $475.

- Goods available for sale during the period was $625.

- Cost of goods sold during the period was $475.

-Cost of goods sold during the period was $625.

2). The total cost of goods available for sale must be allocated between which of the following accounts?

Multiple select question.

- Sales

- Ending inventory

- Manufacturing overhead

- Cost of goods sold

3) Riley Corporation sells bicycles. At the beginning of the year, there one bicycle in inventory costing $800. Riley purchased another bicycle for $900 and then sold one of the bicycles for $1,100. How much is allocated to ending inventory and cost of goods sold using the weighted average method?

Multiple choice question.

- $900 is allocated to Ending inventory and $800 to Cost of goods sold.

- $850 is allocated to Ending inventory and $1,100 to Cost of goods sold.

- $850 is allocated to Ending inventory and $850 to Cost of goods sold.

- $800 is allocated to Ending inventory and $900 to Cost of goods sold.

4) Santiago Corporation sells ultra-lite backpacks for backpacking. At the beginning of the year, there was one backpack in inventory costing $200. Santiago purchased another backpack for $250 and then sold one of the backpacks for $375. How much should be allocated to cost of goods sold using the last-in, first-out method (LIFO)?

Multiple choice question.

$200

$250

$375

$225