1.

Eneri Company's inventory records show the following data:

Units

Unit Cost

Inventory, January 1

5,000

$9.20

Purchases:	June 18	4,500	8.00
	November 8	3,000	7.00

A physical inventory on December 31 shows 2,000 units on hand. Eneri sells the units for $13 each. The company has an effective tax rate of 20%. Eneri uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at

A.

$16,133.

B.

$14,000.

C.

$16,480.

D.

$18,400.

2.

Priscilla has the following inventory information.

July	1		Beginning Inventory	20 units at $19	$ 380
	7		Purchases	70 units at $20	1,400
	22		Purchases	10 units at $23	230

$2,010

A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

A.

$1,380.

B.

$1,390.

C.

$1,407.

D.

$1,430.

3.

At May 1, 2013, Kibbee Company had beginning inventory consisting of 100 units with a unit cost of $7. During May, the company purchased inventory as follows: 400 units at $7 300 units at $8 The company sold 500 units during the month for $12 per unit. Kibbee uses the average cost method. The average cost per unit for May is

	A.	$7.500.
	B.	$7.000.
	C.	$7.375.
	D.	$8.000.