Elliot Co. opened its doors for business on January 1st of 2022. Below is a chart outlining the purchases and sales of inventory for Elliots first month of business:

Date Event Units Price

1/3 Purchase Inventory 20 $20/unit

1/6 Purchase Inventory 8 $25/unit

1/9 Sell Inventory 15 $50/unit

1/11 Purchase Inventory 7 $30/unit

1/14 Purchase Inventory 9 $40/unit

1/15 Sell Inventory 20 $55/unit

Elliot Co. uses the perpetual system to account for its inventory.

_______________________

Assuming Elliot Co. uses the FIFO cost-flow assumption, what will the company report as January 31 2022 LIFO Reserve?

Question 11 options:

	$180
	N/A - there will be no LIFO reserve reported.
	$83
	$92

Question 12 (2 points)

Elliot Co. opened its doors for business on January 1st of 2022. Below is a chart outlining the purchases and sales of inventory for Elliots first month of business:

Date Event Units Price

1/3 Purchase Inventory 20 $20/unit

1/6 Purchase Inventory 8 $25/unit

1/9 Sell Inventory 15 $50/unit

1/11 Purchase Inventory 7 $30/unit

1/14 Purchase Inventory 9 $40/unit

1/15 Sell Inventory 20 $55/unit

Elliot Co. uses the perpetual system to account for its inventory.

_______________________

Assuming Elliot Co. uses the LIFO cost-flow assumption, what will the company report as January 2022 Sales Revenue?

Question 12 options:

	$1,850
	$1,925
	$1,100
	$1750

Question 13 (3 points)

Elliot Co. opened its doors for business on January 1st of 2022. Below is a chart outlining the purchases and sales of inventory for Elliots first month of business:

Date Event Units Price

1/3 Purchase Inventory 20 $20/unit

1/6 Purchase Inventory 8 $25/unit

1/9 Sell Inventory 15 $50/unit

1/11 Purchase Inventory 7 $30/unit

1/14 Purchase Inventory 9 $40/unit

1/15 Sell Inventory 20 $55/unit

Elliot Co. uses the perpetual system to account for its inventory.

_______________________

Assuming Elliot Co. uses the LIFO cost-flow assumption, what will the company report as January 2022 Cost of Goods Sold (CGS)?

Question 13 options:

	$907
	$947
	$990
	$810