1.

Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2013 are as follows:

Units

Per unit price

Total

Balance, 1/1/13	200	$5.00	$1,000
Purchase, 1/15/13	100	5.30	530
Purchase, 1/28/13	100	5.50	550

An end of the month (1/31/13) inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory?

A.

$742

B.

$728

C.

$762

D.

$700

2.

A company just starting business made the following four inventory purchases in June:

June	1		150 units	$ 390
June	10		200 units	585
June	15		200 units	630
June	28		150 units	510
				$2,115

A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is

A.

$668.

B.

$536.

C.

$1,447.

D.

$1,564.

3.

Romanoff Industries had the following inventory transactions occur during 2013:

Units

Cost/unit

2/1/13	Purchase	18	$45
3/14/13	Purchase	31	$47
5/1/13	Purchase	22	$49

The company sold 50 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO? (rounded to whole dollars)

	A.	$1,184
	B.	$1,106
	C.	$774
	D.	$829