Exercises#1,2,3,4

Date Exercise#1 A company's inventory records report the following in November of the current year: Activities Units Acquired at Cost Units Sold at Retail November 1 Beginning inventory 5 units @ $40 = $200 November 2 Purchase 10 units @ $42 = 5420 November 8 Sales 12 units @ $74 November 12 Purchase 6 units @ $45 - $270 Using the LIFO perpetual inventory method, what was the amount recorded in the cast of goods sold account for the 12 units sold? A) $454 B) $500 C) $522 D) 328 E) $390 Exercise #2 Salmone Company reported the following purchases and sales of its only product Salmone uses a perpetual inventory system, Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 162 units @ $10 = $1,620 May 5 Purchase 232 units @ $12 = $2,784 May 10 Sales 152 units @ $20 May 15 Purchase 112 units @ $13 = $1,456 May 24 Sales 182 units @ $21 A) $3,136 B) $2,724 C) $3,006 D) $2,746 E) $3,016 Exercise#3 Salmone Company reported the following purchases and sales of its only product Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 152 units @ $10 = $1,520 May 5 Purchase 222 units @ $12 = $2,664 May 10 Sales 142 units @ $20 May 15 Purchase 102 units @ $13 = $1,326 May 24 Sales 92 units @ $21 A) $2,308 B) $3,232 C) $2600 D) $3600 E) $2,130 Exercise#4 A company has the following purchases and sales during February. Using the FIFO periodic inventory method, what is the cost of the 12 units that are sold? Units Sold at Retail Date February 1 February 3 February 5 Activities Beginning inventory Purchase Sales Units Acquired at Cost 10 units @ $25 = $250 20 units @ $27 = $540 12 units sold A) $300 B) $304 C) $263 D) $295 E) $320