8. MoCo begins operations in April, uses the perpetual method, and records merchandise purchases at net. MoCo makes two purchases on account. Terms are 1/15, n/45. On April 4, MoCo purchases merchandise for $3,000, which it pays for on April 16. On April 11, it makes a $9,000 purchase that it pays for on April 29, but there are no sales in April. On April 30, the balance in MoCo's inventory ledger account is ... a. $12,000 b. $11,970 c. $11,880 d. $11,910 9. XaCo begins business in June and uses the periodic method. Its June merchandise purchases are $195,000 on account, F.O.B. shipping point. Merchandise that cost $3,000 is returned for credit. Goods that XaCo sells for $11,000 and that cost $7,000 are returned to XaCo for cash refunds. On July 6, XaCo pays a $6,000 freight bill for its June purchases. The net cost of XaCo's June purchases is . .. a. $205,000 b. $198,000 c. $192,000 d. $209,000 19714. JiCo uses the periodic method. Its beginning inventory is $43,000, purchases are $321,000, F.O.B. destination, purchase returns are $17,000, and freight is $9,000. The balance in JiCo's ledger Purchases account is . . . dtem lautogueg s a. $330,000 b. $317,000 c. $321,000 d. $304,000 15. VaCo, which uses the periodic method, is preparing its year-end journal entry to record cost of goods sold. It debits all of the following accounts except . . . 5 8 0 000 1 a. Cost of Goods Sold 27,000 b. Beginning Inventory c. Purchase Discounts 000, 15,000 d. None of the above ethod and24. TeCo uses the perpetual method and FIFO costing. TeCo's December 31, &Kos , 20X5 inventory consists of 800 units @ $7. In 20X6, TeCo's merchandise @ wim purchases and sales are as follows: Purchases Czne Sales el bloathoo February 24 1,700 @ $ 9 00 June 11 090 2,000 @ $25 eself Jailcobb August 17 2,100 @ $11 Jab gaiwolion September 1 ONIT Did bor 1,600 @ $28 October 19 3,000 @ $14 November 29 2,700 @ $30 TeCo's December 31, 20X6 ending inventory is . .. 20 a. $18,200 b. $12,600 c. $11,700 d. $10,100 25. PaCo begins business in 20X3, uses the periodic method and LIFO costing and makes the following merchandise purchases: 1 0UM esoh 18 Todmosof RO January 14 1,300 @ $50 000.TS March 11 2,800 @ $55 600.81 August 23 1,700 @ $58 80 000,T'S November 1 1,200 @ $60 If PaCo's December 31, 20X3 inventory contains 1,500 units, its ending of inventory is . .. a. $89,400 b. $76,000 c. $90,000 d. $75,000 UOR IT blob sbooD to JacoFinal Exam 26. MiCo opens for business in 20X3 and uses the periodic method and LIFO costing. On December 31, 20X3, there are 900 units of merchandise in follows: MiCo's inventory @ $11. MiCo's 20X4 merchandise purchases are as February 4 1,200 @ $14 March 10 July 7 2,000 @ $15 3,300 @ $18 090,082 .A. October 21 4,200 @ $20 If MiCo's December 31, 20X4 physical count shows 1,500 units in ending bainventory, then ending inventory on MiCo's balance sheet will be .. . a. $21,300 b. $30,000 c. $18,300 d. $21,900 27. CuCo, which begins business in 20X8, uses the periodic method and LIFO 00 costing. Cuco's 20X8 merchandise purchases are as follows: 5 060 January 3 2,200 @ $5 OUT April 16 1,800 @ $8 September 25 3,000 @ $6 December 4 1,100 @ $9 Palisa calif .de If Cuco's December 31, 20X8 ending inventory is 300 units, its 20X8 cost of goods sold is . .. 901bas 1209 a. $51,800 b. $50,600 c. $49,900 d. $52,100 28. KoCo begins operations in 20X1 and uses the periodic method. In March, 20X1, KoCo buys 700 units @ $4; in July, it buys 2,700 units @ $6; and in November, it buys 1,600 units @ $8. Using LIFO, what is the cost of the 1,900 units in ending inventory? d. $7,600 3,100 a. $10,000 b. $15,200 c. $14,600 OUS AP