1.ABC Company sells designer dog biscuits, and the price of eggs (used to bake biscuits) is increasing a rapid rate. The inventory activity for boxes of the biscuits is as follows. Beginning Inventory is 40 boxes at $10 per box. The first purchase during the period is 50 boxes at $20 per box, and the second purchase is 10 boxes at $15 per box.

What is the value of the inventory prior to any sale of the biscuits?

		$1500
		$1750
		$1525
		$1550 -------------------------------------------

2.ABC Company sells designer dog biscuits, and the price of eggs (used to bake biscuits) is increasing a rapid rate. The inventory activity for boxes of the biscuits is as follows. Beginning Inventory is 40 boxes at $10 per box. The first purchase during the period is 50 boxes at $20 per box, and the second purchase is 10 boxes at $15 per box.

ABC Company sells boxes of biscuits and uses FIFO inventory costing. If 50 boxes of designer dog biscuits are sold, what is the INVENTORY ACCOUNT value after these goods are sold?

		$1500
		$950
		$1000
		$1550 ---------------------------------------------------

3.ABC Company sells designer dog biscuits, and the price of eggs (used to bake biscuits) is increasing a rapid rate. The inventory activity for boxes of the biscuits is as follows. Beginning Inventory is 40 boxes at $10 per box. The first purchase during the period is 50 boxes at $20 per box, and the second purchase is 10 boxes at $15 per box.

What is the COST OF GOODS SOLD of the previous transaction (under FIFO) in #2?

		$550
		$950
		$600
		$1550

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4.ABC Company sells designer dog biscuits, and the price of eggs (used to bake biscuits) is increasing a rapid rate. The inventory activity for boxes of the biscuits is as follows. Beginning Inventory is 40 boxes at $10 per box. The first purchase during the period is 50 boxes at $20 per box, and the second purchase is 10 boxes at $15 per box.

What is the COST OF GOODS SOLD of the previous transaction (under FIFO) in #2?

		$550
		$950
		$600
		$1550