1. On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available:

Beginning inventory, July 1: $5,400

Net sales: $54,000

Net purchases: $62,000

The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be:

A.) $5,400

B.) $13,400

C.) $35,000

D.) $40,400

E.) $45,900

2. A corporation uses a FIFO perpetual inventory system. August 2, 36 units were purchased at $23 per unit. August 5, 21 units were purchased at $24 per unit. August 15, 23 units were sold at $47 per unit. August 18, 26 units were purchased at $25 per unit. What was the amount of the ending inventory for the month of August?

A.) $1,453

B.) $1,432

C.) $1,440

D.) $828

E.) $1,731

3. A company had inventory on November 1 of 20 units at a cost of $24 each. On November 2, they purchased 25 units at $25 each. On November 6, they purchased 21 units at $27 each. On November 8, 23 units were sold for $36 each. Using the FIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

A.) $1,117

B.)$1,075

C.) $1,077

D.)$1,032

E.) $1,055

4. A company had inventory on November 1 of 11 units at a cost of $15 each. On November 2, they purchased 16 units at $16 each. On November 6, they purchased 12 units at $18 each. On November 8, 14 units were sold for $27 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

A.) $418

B.) $400

C.) $402

D.) $375

E.) $389

5. A company had gross profit of $96,000 on net sales of $144,000. If ending inventory was $6,020 and average inventory was $6,000, what is the company's inventory turnover?

A) 8.0

B) 7.97

C) 15.95

D) 16.00

E) 24.00

6. Acme-Jones Corporation uses a LIFO perpetual inventory system.

August 2, 32 units were purchased at $15 per unit.

August 5, 17 units were purchased at $13 per unit.

August 15, 19 units were sold at $39 per unit.

August 18, 22 units were purchased at $14 per unit.

What was the amount of the cost of goods sold?

A) $270.00

B) $266.00

C) $210.00

D) $251.00

E) $285.00

7. A corporation uses a LIFO perpetual inventory system.

August 2, 45 units were purchased at $32 per unit.

August 5, 30 units were purchased at $33 per unit.

August 15, 32 units were sold at $65 per unit.

August 18, 35 units were purchased at $34 per unit.

What was the amount of the ending inventory for the month of August?

A) $2,596.00

B) $2,566.00

C) $2,574.00

D) $1,440.00

E) $3,270.00

A company reported the following information regarding its inventory.

Beginning inventory: cost is $86,000; retail is $146,000.

Net purchases: cost is $81,000; retail is $136,000.

Sales at retail: $161,000.

8. The year-end inventory showed $121,000 worth of merchandise available at retail prices. What is the cost of the ending inventory?

A) $49,344

B) $71,656

C) $167,000

D) $95,344

E) $121,000