32. In large companies, the independent internal verification procedure is often assigned to

a. computer operators.

b. management.

c. internal auditors.

d. outside CPAs.

Simpson Company uses the periodic inventory method and had the following inventory information available:

Units Unit Cost Total Cost

1/1 Beginning Inventory 100 $4 $ 400

1/20 Purchase 500 $5 2,500

7/25 Purchase 100 $7 700

10/20 Purchase 300 $8 2,400

1,000 $6,000

A physical count of inventory on December 31 revealed that there were 150 units on hand.

33. Assume that the company uses the FIFO method. The total of Cost of Goods Sold on

December 31 was $__________

34. Assume that the company uses the average cost method. The total Cost of Goods Sold on

December 31 was $__________.

35. Assume that the company uses the LIFO method. The total Cost of Goods Sold on

December 31 was $__________.