1.Use this information for the month of May.

May	1	Beginning Inventory	20 units @$76
	17	Purchase	70 units @ $80
	18	Sale	25 units
	22	Purchase	10 units @ $88
	29	Sale	40 units

Assuming that a periodic inventory system is used, what is the ending inventory on a FIFO basis?

Select one:

a.$2,880

b.$5,120

c.$7,736

d.$2,720

2.Data for Greenway Corporation appear as follows:

Account Name	Debit	Credit
Sales		$200,000
Sales Returns and Allowances	$10,000
Purchases	88,000
Purchase Returns and Allowances		18,000
Freight In	12,000
Selling Expenses	80,000

The year-end physical inventory counts were: Beginning $10,000, Ending, $15,000.

Cost of Goods Sold is:

Select one:

a.$92,000

b.$77,000

c.$113,000

d.$65,000

e.$82,000