1. Salt Company has the following inventory data:

Nov. 1 Inventory 30 units @ $4.00 each

8 Purchase 120 units @ $4.30 each

17 Purchase 60 units @ $4.20 each

25 Purchase 90 units @ $4.40 each

A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand. Cost of goods sold under FIFO and a periodic inventory system is

a) $438

b) $421

c) $846

d) $638

e) $863

2. A company just began business and made the following four inventory purchases in June:

June 1 150 units $ 825

June 10 200 units 1,120

June 15 200 units 1,140

June 28 150 units 885

$3,970

A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the average-cost method and a periodic inventory system, the amount allocated to the ending inventory on June 30 is

a) $1,220.

b) $1,100.

c) $1,180.

d) $1,134.

e) $1,120.