2. Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.

June 1	Beginning inventory	14 units at $20 each
June 15	Sale of 6 units for $50 each
June 29	Purchase	6 units at $25 each

The cost of the ending inventory is:

Multiple Choice

• $310

• $350

• $150

• $280

• $120

17. Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
May 1	Beginning Inventory	270 units @ $12
5	Purchase	280 units @ $14
10	Sales		200 units @ $22
15	Purchase	160 units @ $15
24	Sales		150 units @ $23

Multiple Choice

• $9,560

• $4,360

• $4,510

• $5,200

• $4,840

19. On September 12, Vander Company sold merchandise in the amount of $6,400 to Jepson Company, with credit terms of 5/10, n/30. The cost of the items sold is $4,600. Vander uses the periodic inventory system and the gross method of accounting for sales. The journal entry or entries that Vander will make on September 12 is (are):

Multiple Choice

• Sales	6,400
  Accounts receivable		6,400

• Sales	6,400
  Accounts receivable		6,400
  Cost of goods sold	4,600
  Merchandise Inventory		4,600

• Accounts receivable	6,400
  Sales		6,400

• Accounts receivable	6,400
  Sales		6,400
  Cost of goods sold	4,600
  Merchandise Inventory		4,600

• Accounts receivable	4,600
  Sales		4,600