16. X Company uses a periodic inventory system. The following units of a particular item were purchased and sold during the period:

Beginning inventory 50 units at $15

First sale 35 units

First purchase 20 units at $16

Second sale 30 units

Second purchase 15 units at $17

What are the unit cost(s) of the remaining units on hand at the end of the period as determined by the FIFO costing method?:

a. $15

b. $16

c. $17

d. $15 and $16

e. $16 and $17

14. M Company manufactures tables. At the beginning of December, the beginning work in process inventory was 300 units, which were 40% complete for conversion. 5,000 units werestartedin December. At the end of December, the ending work in process is 500 units, which are 50% complete for conversion. Using theFIFO process costing method, what are the December equivalent units for conversion?:

a. 4,500

b. 4,930

c. 5,370

d. 5,430

e. 5,800

13. Office supplies of $7,500 were received and properly recorded in the general ledger. At the end of the accounting period, $3,500 of office supplies are still on hand. The adjusting entry will require which of the following?

a. Debit Office Supplies Expense and credit Office Supplies for $3,500

b. Debit Office Supplies Expense and credit Cash for $3,500

c. Debit Office Supplies and credit Accounts Payable for $4,000

d. Debit Office Supplies Expense and credit Accounts Payable for $3,500

e. Debit Office Supplies Expense and credit Office Supplies for $4,000