1. Using the FIFO cost method, if the total cost of the goods available for sale is 20,000 and the cost of the ending inventory is 15,000, how much is the cost of goods sold?

		A. 25,000
		B. 20,000
		C. 15,000
		D. 10,000
		E. None of the above

2. Using the average cost method, if the total cost of the goods available for sale is 35,000 and the cost of the ending inventory is 10,000, how much is the cost of goods sold?

		A. 25,000
		B. 20,000
		C. 15,000
		D. 10,000
		E. None of the above

3. Co. E has the following units of beginning inventory and purchases for the year: beginning inventory 300 units at $30 each and a 2/28 Purchase 300 units at $40 each. Using the LIFO method, if the ending inventory is 100 units, what is the cost of the ending inventory?

		A. 12,000
		B. 8,000
		C. 6,000
		D. 4,000
		E. None of the abov

4. Co. D. Using the specific identification method, the following units make up the total of 400 units in ending inventory: 1/1 Beginning inventory of 100 units at $10 each, a purchase 2/28 of 200 units at $20 each and a purchase 6/15 of 100 units at$30 each. What is the total cost of the ending inventory?

		A. 9,000
		B. 8,000
		C. 6,000
		D. 4,000
		E. None of the above

5. Using the LIFO cost method, if the total cost of the goods available for sale is 35,000 and the cost of the ending inventory is 20,000, how much is the cost of goods sold?

		A. 25,000
		B. 20,000
		C. 15,000
		D. 10,000
		E. None of the above

6. Of the four inventory methodsFIFO, LIFO, Average Cost and Specific Identificationwhich method means the first item that is bought is the first item sold?

		A. Average Cost
		B. LIFO
		C. FIFO
		D. Specific Identification

7. Of the four inventory methodsFIFO, LIFO, Average Cost and Specific Identificationwhich method means the the individual items that are in ending inventory can be identified specifically?

		A. FIFO
		B. LIFO
		C. Average Cost
		D. Specific Identification

8. Of the four inventory methodsFIFO, LIFO, Average Cost and Specific Identificationwhich method means the the cost of the ending inventory is based on the average cost of the total units available for sale?

		A. FIFO
		B. LIFO
		C. Average Cost
		D. Specific Identification