1. Transactions for the month of June were:

Purchases					Sales
June 1		(balance) 3210 @	$3.10		June 2		2410 @	$5.30
3		8880 @	3.00		6		6350 @	5.30
7		4890 @	3.20		9		4000 @	5.30
15		7250 @	3.30		10		1510 @	5.00
22		2020 @	3.40		18		5520 @	5.00
					25		780 @	5.00

Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.)

$17949.

$17329.

$18135.

$18255.

2. Concord Corporation had January 1 inventory of $292000 when it adopted dollar-value LIFO. During the year, purchases were $1710000 and sales were $3030000. December 31 inventory at year-end prices was $429570, and the price index was 111. What is Concord Corporations gross profit?

$1457570.

$2632550.

$1158000.

$1425450.

3. Crane Company recorded the following data pertaining to raw material X during January 2020:

				Units
Date				Received		Cost			Issued		On Hand
1/1/20		Inventory					$2.00				3150
1/11/20		Issue							1550		1600
1/22/20		Purchase		3800			$2.35				5400

The moving-average unit cost of X inventory at January 31, 2020 is

$2.21.

$2.17.

$2.35.

$2.25.