B 1 u, abex, x2 a-e,A, Paragraph Styles 1. Thompson Company updates its inventory records perpetually. The company's records showed a beginning inventory of $600, cost of goods sold of s1,400, and ending inventory of $800. How much inventory was purchased during the year? 2. Assume a periodic inventory system is used. Which inventory costing method generally results in the most recent costs being assigned to ending inventory? A) LIFO B) FIFO C) Weighted average cost D) Simple average cost Use the following to answer questions 3-7 Eaton Electronics uses a periodic inventory system. On March 31, Eaton has 2 plasma TVs on hand at a cost of $1,500 each (serial numbers 11534892 and 11534894). In April, the company purchases 4 more identical TVs from Toshiba for $1,450 each (serial numbers 11542631 through 11542634). .In May, the company purchases 5 more identical TVs for $1,600 cach (serial numbers 11550964 through 11550968). In June, Eaton sells 2 of these TVs (serial numbers 11534894 and 11542631). There were no additional purchases or sales during the remainder of the year. 3. Use the information above to answer the following question. Eaton Electronics uses the specific identification method. What is its cost of goods sold? 4. Use the information above to answer the following question. Eaton Electronics reports $3,000 as the cost of goods sold. Eaton Electronics is using the: A) specific identification method. B) LIFO method. C) FIFO method. D) weighted average cost method. 5. Use the information above to answer the following question. Eaton Electronics uses the FIFO method. What is the cost of its ending inventory? Ps. I 1 of 5 1483 words