8) The cost of goods available for sale is equal to the A) cost of goods sold minus the ending inventory. C) sales revenue minus the cost of goods sold. B) ending inventory plus the sales revenues. D) cost of goods sold plus the ending inventory 9) Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) Specific identification B) Weighted average C) Last-in, first-out D) First-in, first-out 10) Under which of the following inventory costing methods is the ending inventory valued on the cost of the most recent purchases? A) Specific identification B) Weighted average C) Last-in, first-out D) First-in, first-out 11) Under the weighted average method, the cost per unit is determined by A) dividing the cost of goods available for sale by the number of units in beginning inventory. B) multiplying the cost of goods available for sale by the ending weighted average price of previous accounting period. C) multiplying the number of units purchased with the weighted average cost. D) dividing the cost of goods available for sale by the number of units available. 12) When a company uses the perpetual inventory method, which of the following would be the entry to adjust inventory to lower-of- cost-or-market? A) Debit Inventory and credit Purchases B) Debit Cost of Goods Sold and credit Merchandise Inventory C) Debit Purchases and credit Merchandise Inventory D) Debit Inventory and credit Cost of Goods Sold 13) A company purchased 100 units for $30 each on January 31. It purchased 150 units for $25 on February 28. It sold a total of 150 units for 550 each from March through December 31. If the company uses the weighted average inventory costing method, the value of ending inventory on December 31 is (assume that the company uses a perpetual inventory system) A) $4,350. B) $2,900. C) $6,750 D) $2,700