5.ABC Company sells designer dog biscuits, and the price of eggs (used to bake biscuits) is increasing a rapid rate. The inventory activity for boxes of the biscuits is as follows. Beginning Inventory is 40 boxes at $10 per box. The first purchase during the period is 50 boxes at $20 per box, and the second purchase is 10 boxes at $15 per box.

If, instead, ABC Company only sold 10 boxes of biscuits, and used LIFO inventory costing, what would the INVENTORY ACCOUNT value be after the goods were sold?

		$550
		$1450
		$1400
		$1550 ------------------------------------------------

6.ABC Company sells designer dog biscuits, and the price of eggs (used to bake biscuits) is increasing a rapid rate. The inventory activity for boxes of the biscuits is as follows. Beginning Inventory is 40 boxes at $10 per box. The first purchase during the period is 50 boxes at $20 per box, and the second purchase is 10 boxes at $15 per box.

What would be the COST OF GOODS SOLD of the previous transaction (under LIFO) in #32?

		$150
		$250
		$1000
		$350 -----------------------------------

7.ABC Company sells designer dog biscuits, and the price of eggs (used to bake biscuits) is increasing a rapid rate. The inventory activity for boxes of the biscuits is as follows. Beginning Inventory is 40 boxes at $10 per box. The first purchase during the period is 50 boxes at $20 per box, and the second purchase is 10 boxes at $15 per box.

ABC Company uses weighted average inventory valuation. What is the weighted average unit cost of the inventory regardless of units sold?

$10

$12.50

$15.50

$17.50