An entity provided the following information:

Units Unit cost Total cost

Jan. 1 Beginning balance 10,000 150 1,500,000

5 Purchase 10,000 180 1,800,000

15 Sale 15,000

16 Sale return 1,000

25 Purchase 4,000 200 800,000

26 Purchase return 2,000 200 400,000

1. Under FIFO, what amount should be reported as cost of goods sold?

a. 2,220,000

b. 2,620,000

c. 2,500,000

d. 2,900,000

2. Under weighted average, what amount should be reported as ending inventory?

a. 1,345,440

b. 1,366,640

c. 1,413,360

d. 1,432,000

3. Under moving average, what amount should be reported as ending inventory?

a. 1,690,000

b. 1,390,000

c. 1,790,000

d. 1,600,000

4. Under moving average, the next sale of inventory would be priced at what cost?

a. 173.75

b. 179.00

c. 200.00

d. 190.00