1.a) Given the following data, calculate the cost of goods sold using the average-cost method.

Round average cost per unit calculations to two decimal places. Round final answer to the nearest dollar.

Date	Item	Unit
1/1	Beginning inventory	40 units at $10 per unit
5/10	Purchase of inventory	20 units at $30 per unit
10/9	Purchase of inventory	20 units at $32 per unit
12/31	Ending inventory	28 units

A) $1,394

B) $1,066

C) $1,640

D) $3,046

b.) Tomasino's inventory records show the following data at January 31:

Beginning inventory Jan. 1	90 units at $7 per unit
Jan. 10 purchase	320 units at $10 per unit
Jan. 22 purchase	120 units at $11 per unit

At January 31, 240 units are still on hand. What is the cost of the ending inventory at January 31 if Tomasino uses the FIFO method?

A) $1,680

B) $1,950

C) $2,520

D) $2,130

c.) Thelen's inventory records show the following data at January 31:

Beginning inventory Jan. 1	90 units at $9 per unit
Jan. 10 purchase	280 units at $12 per unit
Jan. 22 purchase	90 units at $13 per unit

At January 31, 240 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method?

A) $2,160

B) $2,610

C) $3,120

D) $2,760

d) Lower-of-cost-or-market requires that LIFO inventory be reported in the financial statements at whichever is lower of:

A) historical cost or market value.

B) purchase cost or net realizable value.

C) purchase cost or historical cost.

D) FIFO cost or LIFO cost.

e.) When using FIFO for inventories, market value generally refers to ________ under U.S. GAAP and ________ under IFRS.

A) current replacement cost; historical cost

B) historical cost; net realizable value

C) historical cost; current replacement cost

D) net realizable value; net realizable value