1.Lemon company purchased 200 units for $30 each on January 31. It purchased 260 units for $39 each on February 28. It sold a total of 350 units for $40 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the first-in, first-out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system.

a.$150

b.$3300

c.$3150

d.$4290

2.Lemon company purchased 80 units for $20 each on January 31. It purchased 160 units for $30 each on February 28. It sold 160 units for $80 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.)

A.$4000

B.$4800

C.$6400

D.$1600

3.Lime company purchased 400 units for $30 each on January 31. It purchased 400 units for $20 each on February 28. It sold a total of 450 units for $100 each from March 1 through December 31. If the company uses the last-in, first-out inventory costing method, calculate the cost of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.)

A.$7000

B.$350

C.$10,500

D.$24,500