15. Purchases and sales during a recent period for Casora Inc. were Purchases During the Period 1st purchase 700 units x $2 2nd purchase 1,000 units x $3 3rd purchase 500 units x $4 4th purchase 500 units x 5 2,700 units Sales During the Period 1st sale 2nd sale 3rd sale 4th sale 400 units x $7 750 units x $ 8 500 units x $ 9 500 units x $10 2,150 units Beginning inventory was 100 units at $1 each. Given this information, what is the ending inventory if the periodic FIFO costing alternative is used? A) $1,250 B) $400 C) $500 D) $3,100 16. The following information is available for Mizo Company for its most recent year: Net sales Freight in Purchase discounts Ending inventory $3,600,000 90,000 50,000 280,000 The gross margin is 40 percent of net sales. What is the cost of goods available for sale? A) $2,400,000 B) $2,440,000 C) $1,680,000 D) $1,920,000 17. Montgomery Corporation has the following account balances: Sales revenue Beginning inventory Purchases Sales discounts Purchase discounts Freight-in Ending inventory Purchase returns and allowances $100,000 22,000 40,000 2,000 1,500 500 15,000 1,000 Given this information, total cost of goods available for sale is A) $58,000 B) $57,000 C) $60,000 D) $62,000