10. Desmarais Corporation uses the periodic inventory system and had the following inventory information available for 2019:

						Units			Unit Cost		Total Cost
Jan		1		Beginning inventory	15		$4.00			$ 60
		20		Purchase	60		4.40			264
Jul		25		Purchase	30		4.20			126
Oct		20		Purchase	45		4.80			216
					150					$666

A physical inventory count on December 31 showed that there were 50 units on hand.

Assume that the company uses average cost. The value of ending inventory as at December 31, 2019 is

(Use unrounded numbers in your calculations but round your final answer to the nearest cent.)

Question 10 options:

	$444.00
	$222.00
	$210.00
	$240.00
	None of the above

11. Desmarais Corporation uses the periodic inventory system and had the following inventory information available for 2019:

						Units			Unit Cost		Total Cost
Jan		1		Beginning inventory	15		$4.00			$ 60
		20		Purchase	60		4.40			264
Jul		25		Purchase	30		4.20			126
Oct		20		Purchase	45		4.80			216
					150					$666

A physical inventory count on December 31 showed that there were 50 units on hand.

Assume that the company uses FIFO. The value of the cost of goods sold for the year ended December 31, 2019 is

(Use unrounded numbers in your calculations but round your final answer to the nearest cent.)

Question 11 options:

	$426.00
	$267.65
	$754.32
	$416.58
	None of the above

12. On January 1, Pelican Corporation had 240,000 common shares issued. On March 17, the company declared a 5% stock dividend to be distributed on March 30. The market value of the shares was $9 on March 17 and $12 on March 30.

The entry to record the March 30^th transaction would include a

Question 12 options:

	credit to Cash for $108,000
	debit to Stock Dividends Distributable for $108,000
	credit to Retained Earnings for $144,000
	debit to Stock Dividends for $108,000
	None of the above

14. ADM Corporation uses the perpetual inventory system and had the following information available for 2019:

					Units			Unit Cost		Total Cost
Jan	1		Beginning inventory	15		$4.00			$ 60
	20		Purchase	60		4.40			264
	21		Sale	65		-			-
Jul	25		Purchase	30		4.20			126
Oct	20		Purchase	45		4.80			216
Nov	15		Sale	75		-			-

Assume that the company uses the average cost method. The value of the inventory after the Oct 20 purchase was

(Use unrounded numbers in your calculations but round your final answer to the nearest cent.)

Question 14 options:

	$45.32
	$385.20
	$216.00
	$359.55
	None of the above