1. Which of the following would be disclosed in the Summary of Significant Accounting Policies?

A.

details of a related party transaction

B.

definition of cash equivalents

C.

composition of inventories

D.

maturity dates of longterm debt

2. Sampe Company has the following data available:

Transaction	Units Purchased	Unit Cost	Units Sold
Beginning Inventory	400	$10
March 1 Purchase	200	$12
April 25 Sale			350
June 10 Purchase	300	$14
July 20 Sale			250
October 30 Purchase	350	$15
December 15 Sale			400

If Sampe Company uses a perpetual FIFO inventory system, the cost of goods sold for the year is ________.

A.

$4,200

B.

$16,850

C.

$12,100

D.

$5,400