1.Our company had the following balances and transactions during the current year related to merchandise inventory.

Beginning merchandise inventory on January 11 20 units at $70 per unitPurchase on February 14 100 units at $85 per unitSale on August 21 120 units

What would be the company's ending merchandise inventory in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method?

$9,900

$8,500

$8,400

$7,000

2.Our company had the following balances and transactions during the current year related to merchandise inventory.

Beginning merchandise inventory on January 11 20 units at $70 per unitPurchase on February 14 100 units at $85 per unitSale on August 21 120 units

What would be the company's cost of goods sold in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method?

$9,900

$8,500

$8,400

$7,000

3.Our company had the following balances and transactions during the current year related to merchandise inventory.

Beginning merchandise inventory on January 1

120 units at $70 per unit

Purchase on February 14

100 units at $85 per unit

Sale on August 21

150 units

What would be the company's ending merchandise inventory in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method?

$4,900

$5,950

$10,950

$12,000

4.Our company had the following balances and transactions during the current year related to merchandise inventory.

Beginning merchandise inventory on January 1

100 units at $75 per unit

Purchase on February 14

100 units at $80 per unit

Sale on August 21

150 units

What would be the company's cost of goods sold in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method?

$4,000

$3,750

$11,500

$11,750

5.Our company had the following balances and transactions during the current year related to merchandise inventory.

Beginning merchandise inventory on January 1

120 units at $70 per unit

Purchase on February 14

100 units at $85 per unit

Sale on August 21

150 units

What would be the company's ending merchandise inventory in dollars on December 31 if the company used perpetual, weighted average (WA) costing method?

$4,900

$12,000

$11,523

$5,377

6.Our company had the following balances and transactions during the current year related to merchandise inventory.

Beginning merchandise inventory on January 1

100 units at $75 per unit

Purchase on February 14

100 units at $80 per unit

Sale on August 21

150 units

What would be the company's cost of goods sold in dollars on December 31 if the company used perpetual, weighted average (WA) costing method?

$4,000

$3,750

$11,625

$11,750