1)Martin Sales had a Beginning inventory balance of $120 made up of 10 units purchased for $12.00 per unit. Early in the month, they purchased 16 units at $10.00 per unit. Later that month, they sold 15 units. Martin uses a perpetual inventory system, and applies LIFO. How much is Cost of goods sold for the month?

A.

$180

B.

$170

C.

$150

D.

$110

2) Which of the following inventory valuation methods should be used for unique items?

A.

first-in,

first-out

B.

last-in,

first-out

C.

weighted-average

D.

specific identification