BONUS: Inventory Review Quiz Lopez Company sells chairs that are used at computer stations. Its beginning inventory of chairs in Year 1 was 100 units at $60 per unit. During the year, Lopez made two purchases of this chair. The first was a 150-units purchase at $68 per unit; the second was a 200-unit purchase at $72 per unit. During Year 1, it sold 270 chairs at $120 each. During Year 2, Lopez made two additional purchases of this chair. The first was a 100-unit purchase at $73 per unit; the second was a 300-unit purchase at $75 per unit. During Year 2, it sold 215 chairs at $125 each. Lopez applies the FIFO cost flow assumption.

Question at position 1 1 2 points Question at position 1 What is the amount of COGS Lopez should report for Year 1? What is the amount of COGS Lopez should report for Year 1? $17,640 $32,400 $16,200 $19,440 Question at position 2 2 2 points Question at position 2 What is the amount of gross profit Lopez should report for Year 1? What is the amount of gross profit Lopez should report for Year 1? $32,440 $19,440 $12,960 $14,760 Question at position 3 3 2 points Question at position 3 What is the amount of ending inventory Lopez should report for Year 1? What is the amount of ending inventory Lopez should report for Year 1? $14,440 $12,960 $21,600 $22,500 Question at position 4 4 2 points Question at position 4 What is the amount of gross profit Lopez should report for Year 2? What is the amount of gross profit Lopez should report for Year 2? $11,360 $15,515 $26,875 $42,390 Question at position 5 5 2 points Question at position 5 What is the amount of ending inventory Lopez should report for Year 2? What is the amount of ending inventory Lopez should report for Year 2? $22,500 $4,745 $27,245 $29,800

chair. The first was a 150 -units purchase at $68 per unit; the second was a 200 -unit purchase at $72 per unit. During Year 1 , it sold 270 chairs at $120 each. sold 215 chairs at $125 each. Lopez applies the FIFO cost flow assumption. 2 points What is the amount of COGS Lopez should report for Year 1? $17,640$32,400$16,200$19,440 2 points What is the amount of gross profit Lopez should report for Year 1? $32,440$19,440$12,960$14,760 2 points What is the amount of ending inventory Lopez should report for Year 1? $14,440$12,960$21,600$22,500