index for th 0 Assuming the current inventory at end of year prices equals $828,000 and the index for the current is AS82.00f year is 1,.10, what is the ending inventory using dollar-value LIFO? A) $828,000 4. Web World began of $600,000. coi tng dolla-value LIFO for costing its inventory last year. The base year l B) $768,000. C) $752,727 D) $910,800. 5. The following information was derived from the 2017 accounting Perez's Goods S 14,000 70,000 $130,000 Beginning inventory 625,000 Freight-in Transportation to consignees Freight-out Ending inventory 10,000 5,000 8,000 20,000 30,000 145,000 Perez's 2017 cost of sales was A) $620,000. B) $650,000. C) $684,000. D) $689,000. 6. June Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 80 units that cost $20 per unit. During the current month, the company purchased 480 units at $20 each. Sales during the month totaled 360 units for $43 each. What is the cost of goods sold using the LIFO method? A) $1,600. B) $7,200. C) $9,600. D) $15,480. 7. On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on S15,000 sales was received on August I and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? A) Cash Sales Discount Accounts Receivable 14,700 300 15,000 B) Cash 15,000 Accounts Receivable 15,000 C) Cash 14,700 Accounts Receivable 14,700 D) Accounts Receivable 300 Sales Discount Forfeited 300 Page 2