1. Crane Shutters has the following inventory information.

Nov.	1	Inventory	60 units @ $7.00
	8	Purchase	50 units @ $5.00
	17	Purchase	40 units @ $7.00
	25	Purchase	100 units @ $8.00

A physical count of merchandise inventory on November 30 reveals that there are 60 units on hand. Assume a periodic inventory system is used. Cost of goods sold (rounded to the nearest dollar) under the average-cost method is

A . $1298.

B. $1336.

C. $1330.

D. $1352.

2. Coronado Industries had the following inventory transactions occur during 2018:

		Units	Cost/unit
2/1/18	Purchase	57	$ 48
3/14/18	Purchase	92	$ 49
5/1/18	Purchase	70	$ 48

The company sold 153 units at $ 70 each and has a tax rate of 40%. Assuming that a periodic inventory system is used, what is the companys gross profit using FIFO? (rounded to whole dollars)

A. $ 3274.

B. $ 3283.

C. $ 7436.

D. $ 7427.

3.

Sunland Company prepares monthly financial statements and uses the gross profit method to estimate ending inventories. Historically, the company has had a 45% gross profit rate. During June, net sales amounted to $ 177000; the beginning inventory on June 1 was $ 58000; and the cost of goods purchased during June amounted to $ 92000. The estimated cost of Sunland Company's inventory on June 30 is

A. $ 144650.

B. $ 26100.

C. $ 79650.

D. $ 52650.