1)A company had the following purchases and sales during the month of November:

Date	Activities	Units Acquired at Cost	Units Sold at Retail
November 1	Beginning inventory	5 units @ $46 = $230
November 2	Purchase	10 units @ $48 = $480
November 6	Purchase	6 units @ $51 = $306
November 8	Sales		8 units @ $94

Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

a.

$614

b.

$634

c.

$694

d.

$618

e.

$626

2)

A company has the following products in its ending inventory. Compute lower of cost or market for inventory applied separately to each product

Product	Quantity	Cost per Unit	Market per Unit
Product A	10	$ 740	$ 710
Product B	15	$ 540	$ 580
Product C	20	$ 690	$ 715

a.

$2,005.

b.

$30,100.

c.

$29,000.

d.

$1,970.

e.

$29,300.

3)

A company has the following purchases and sales during February. Using the FIFO periodic inventory method, what is the cost of the 12 units that are sold?

Date	Activities	Units Acquired at Cost	Units Sold at Retail
February 1	Beginning inventory	10 units @ $10 = $100
February 3	Purchase	20 units @ $12 = $240
February 5	Sales		12 units sold

a.

$130

b.

$124

c.

$120

d.

$140

e.

$128