1) Swifty Shutters has the following inventory information.

Nov.	1	Inventory	40 units @ $9.00
	8	Purchase	100 units @ $5.00
	17	Purchase	60 units @ $9.00
	25	Purchase	70 units @ $7.00

A physical count of merchandise inventory on November 30 reveals that there are 70 units on hand. Assume a periodic inventory system is used. Cost of goods sold (rounded to the nearest dollar) under the average-cost method is

a) $1309.

b) $1400.

c) $1361.

d) $1391.

2) Inventoriable costs include all of the following except the

a) cost of goods purchased.

b) cost of the beginning inventory.

c) costs of the purchasing and warehousing departments.

d) freight costs incurred when buying inventory.

3) Swifty Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories:

Product	Cost	Net Realizable Value
A	$126000	$129000
B	80000	72000
C	154000	155000

If Swifty applies the LCNRV basis, the value of the inventory reported on the balance sheet would be

a) $352000.

b) $356000.

c) $360000.

d) $364000.