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Chapter 6 1. The following information was available from the inventory records of Fatma Company for July Unit Cost Total Cost Balance at July 30,000 [ 225 67,500 Purchases: July 6 20.000 2.35 51,000 July 26 27,000 2.60 70,200 Sales: July 7 (25,000) July 31 (40,000) Balance at July 31 12.000 What should be the inventory reported on Fatma's July 31 statement of financial position using the average-cost inventory method (round per unit amounts to two decimal places)? a. 27.000 b. 29.400 c. 29,610 d. 31,500 2. The following information was available from the inventory records of Husna Company for July: Units Unit Cost Total Cost Balance at July 1 30,000 2.25 67,500 Purchases: July 6 20,000 2.35 51.000 July 26 27,000 2.60 70,200 Sales: July 7 (25,000) July 31 (40,000) Balance at July 31 12,000 What should be the inventory reported on Husna's July 31 statement of financial position using the FIFO inventory method? a. 27.000 b. 29,400 c. 31,200 d. 31,500 3. Buhara Company has the following data related to an item of inventory Inventory, May 1 3,000 units E4.20 Purchase, May 7 10,500 units @ 4.40 Purchase, May 16 2.100 units E4.50 Inventory, May 31 3.900 units The value assigned to cost of goods sold if Brocken uses average-cost is a 51.186. b. 50,700, c. 50,883. d. $2.560 4. Hashim Co. has the following data related to an item of inventory: Inventory, May 1 3,000 units @ 4.20 Purchase, May 7 10.500 units @ 4. Purchase, May 16 2.100 units a 4.50 Inventory, May 31 3.900 units The value assigned to cost of goods sold if Hashim uses FIFO is a 50,700. b. 50,880. c51,207 d. 51.246. 5. Nadi Company uses the periodic inventory system. For January 2017, the beginning inventory consisted of 36,000 units that cost CHF12 cach. During the month, the company made two purchases: 15,000 units at CHF13 each and 60,000 units at CHF13.50 each. Nadi sold 64,500 units during the month for CHF19.50 per unit. Using the average-cost method, what is the amount of cost of goods sold for the month of January 2017 (round per unit amount to two decimal places)? a. CHF835,275 b. CHF854,625 c. CHF827,535 d. CHF864,300 6. Nolvo Company uses the periodic inventory system. For February 2017, the beginning inventory consisted of 2,000 units that cost CHF65 each. During the month, the company made two purchases: 8,000 units at CHF68 each and 3,000 units at CHF72 cach. Nolvo sold 10,000 units during the month of February at CHF110 per unit. Using the average cost method, what is the amount of ending inventory at February 28, 2017? a. CHF207.270. b. CHF210,000. c. CHF205,380. d. CHF204,990. 7. A company just starting in business purchased three inventory items at the following prices. First purchase 580; Second purchase $95; Third purchase $85. If the company sold two units for a total of $290 and used FIFO costing, the gross profit for the period would be a. S115. b. $125. c. $110. d. $100. 8. Never Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories: Product Cost NRV A S171,000 S180,000 B 120,000 114,000 240.000 243,000 If Never applies the LCNRV basis, the value of the inventory reported on the statement of financial position would be a. S531,000. b. S537.000 c. $525,000 d. $543,000