25.

Laser Listening has the following inventory data:

	Nov. 1		Inventory	30 units @ $6.00 each
	8		Purchase	120 units @ $6.45 each
	17		Purchase	60 units @ $6.30 each
	25		Purchase	90 units @ $6.60 each

A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand. Assuming that the specific identification method is used and that ending inventory consists of 30 units from each of the three purchases and 10 units from the November 1 inventory, cost of goods sold is

A)

$640.

B)

$1,286

C)

$1,281

D)

$1,254

26.

At May 1, 2017, Heineken Company had beginning inventory consisting of 300 units with a unit cost of $7. During May, the company purchased inventory as follows: 600 units at $7 900 units at $8 The company sold 1,500 units during the month for $12 per unit. Heineken uses the average cost method. Heineken's gross profit for the month of May is

Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories:

Product			Cost		Market
	A	$114,000		$120,000
	B	80,000		76,000
	C	160,000		162,000

If Jenks applies the LCM basis, the value of the inventory reported on the balance sheet would be

$354,000.

$358,000.

$350,000.

$362,000.