1. The selling price of a television is $ 1100 and the cost to the retailer is $225. What is the retailer's gross profit from the sale of the television?

A) $1100

B) $875

C) $0

D) $225

2. A company has a beginning inventory of $ 60,000 and purchases during the year of $ 120,000. The beginning inventory consisted of 2,000 units and 9,000 units were purchased during the year. The company has 5,000 units left at year end. -Under average cost- , what is Cost of Goods Sold? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar.)

120,000

98,160

180,000

147,240

3. Tomasino's inventory records show the following data at January 31:

Beginning inventory Jan. 1 120 units at $ 5 per unit

Jan. 10 purchase 330 units at $ 12 per unit

Jan. 22 purchase 110 units at $ 13 per unit

At January 31, 200 units are still on hand. What is the cost of the ending inventory at January 31 if Tomasino uses the FIFO method?

1. 1560
2. 2510
3. 1000
4. 1770

4. Thelen's inventory records show the following data at January 31:

Beginning inventory Jan. 1 90 units at $ 6 per unit

Jan. 10 purchase 320 units at $ 11 per unit

Jan. 22 purchase 120 units at $ 12 per unit

At January 31, 200 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method?

A) 1760

B) 1200

C) 2400

D) 1860