1) The following units of an inventory item were available for sale during the year: Beginning inventory 12 units at $51 First purchase 15 units at $52 Second purchase 27 units at $54 Third purchase 17 units at $56 The firm uses the periodic inventory system. During the year, 23 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is (Round average cost per unit to three decimal place.) a.$1,173 b.$1,276 c.$2,570 d.$1,184

2)

Use the information below to answer the following question. The following lots of a particular commodity were available for sale during the year:

Beginning inventory	5 units at $61
First purchase	15 units at $63
Second purchase	10 units at $74
Third purchase	10 units at $77

The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of merchandise sold for the year according to the average cost method?

a.$1,380

b.$1,250

c.$1,510

d.$1,375

3)

Use the information below to answer the following question. The following lots of a particular commodity were available for sale during the year:

Beginning inventory	10 units at $60
First purchase	25 units at $65
Second purchase	30 units at $68
Third purchase	15 units at $75

The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year using the FIFO method?

a.$1,805

b.$3,585

c.$1,685

d.$1,575