1) Williams Company had the following balances and transactions during 2013.

Beginning inventory	10 units at $70
June 10	Purchased 20 units at $80
December 30	Sold 15 units
December 31	Replacement cost $60

What would the company's inventory amount be on the December 31, 2013 balance sheet if the perpetual FIFO method is used? (Answers are rounded to the nearest dollar.)

A.

$900

B.

$1,050

C.

$1,100

D.

$1,200

2) Martin Sales had a Beginning inventory balance of $120 made up of 10 units purchased for $12.00 per unit. Early in the month, they purchased 16 units at $10.00 per unit. Later that month, they sold 15 units. Martin uses a perpetual inventory system, and applies the average costing method. How much is the Ending inventory balance?

(When calculating average cost, please round to the nearest cent; when calculating Cost of goods sold and Ending inventory, please round to the nearest whole dollar.)

A.

$118

B.

$126

C.

$122

D.

$109