1.- King Costume uses a periodic inventory system. The company started the month with 11 masks in its beginning inventory that cost $12 each. During the month, King Costume purchased 60 additional masks for $14 each. At the end of the month, King counted its inventory and found that 8 masks remained unsold. Using the LIFO method, its cost of goods sold for the month is:

a) $876.

b) $882.

c) $96.

d) $860.

2.- A company had been selling its product for $34 per unit, but recently lowered the selling price to $22 per unit. The company's current inventory consists of 235 units purchased at $30 per unit. The market value of this inventory is currently $ $20 per unit. At what amount should the companys inventory be reported on the balance sheet?

a) $7,050

b) $5,170

c) $4,700

d) $7,990