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Turn in only your scantron. You will not get extra time to fill in your scantron. This paper is yours to keep. An answer key will be posted by 3:15 pm. There are 25 questions. Use this information for the next 4 questions An analyst gathered the following information about a company for a fiscal year: Quarter Purchases Cost Sales Per Purchases in dollars $4,400 9,600 $5,200 $5,600 $24,800 Quarter in Units per unit 200 units $22/unit 200 units 400 200 200 1,000 24 26 28 200 200 200 800 total Sales for the fiscal year were 800 units Inventory remaining at the end of the fourth quarter was 400 units Inventory at the beginning of the first quarter was 200 units at $20 per unit Reported inventory at the end of the fourth quarter using LIFO and FIFO respectively, would be closest to: 1. LIFO FIFO $10,800 $8,400 a) b) $9,600 $18,000 c) $20,400 18,000 2. Cost of Goods Sold using FIFO in a perpetual and periodic system respectively, would be closest to: a) $18,000 periodic c) $20,000 FIFO perpetual $18,400 $18,000 $20,400 b) $18,000 3. Cost of Goods Sold using the weighted average cost method, would be closest to: a) $18,850 b) $19,200 c) $20,000 This company would pay the most in taxes under 4. a) FIFO b) LIFO c) Weighted Average

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