Matty's Sporting Goods had the following inventory records for the month of January.

Beginning inventory	70 units @ $100 per unit
Sales, Jan. 1 - Jan. 10	50 units
Purchase, Jan. 11	40 units @ $103 per unit
Sales, Jan. 12 - Jan. 20	50 units
Purchase, Jan. 21	50 units @ $105 per unit
Sales, Jan. 22-31	40 units

Assuming the Weighted-Average method is used, what is the total cost of Matty's ending inventory on January 31?

Select one:

A. $2,100

B. $2,090

C. $2,000

D. $2,050

The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of McKensie Company for an operating period.

	Units	Unit Cost	Total Cost	Units Sold	Units on Hand
Beginning Inventory	20	$29	$ 580		20
Purchase no. 1	20	31	620		40
Sale no. 1				30	10
Purchase no. 2	90	32	2,880		100
Sale no. 2				80	20
Purchase no. 3	70	36	2,520		90
Totals	200		$6,600

Assuming McKensie Company uses weighted-average (perpetual) inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for:

Select one:

A. $2,544

B. $2,550

C. $2,560

D. $2,640

E. None of the above

The following hammers were available for sale during the year for Wilkins Tools:

Beginning inventory	10 units at $40
First purchase	15 units at $50
Second purchase	30 units at $60
Third purchase	25 units at $65

Wilkins has 30 hammers on hand at the end of the year. What is the dollar amount of cost of goods sold for the year according to the first-in, first-out method?

Select one:

A. $1,975

B. $2,650

C. $1,575

D. $1,950

The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Newtown, Inc. for an operating period.

	Units	Unit Cost		Total Cost		Units Sold
Beginning Inventory	32	$18		$ 576
Sale no. 1						10
Purchase no. 1	28	20		560
Sale no. 2						32
Purchase no. 2	20	19		380
Totals	80			$1,516		42

Assuming Newtown, Inc., uses LIFO periodic inventory procedures, the ending inventory cost is:

Select one:

A. $684

B. $696

C. $722

D. $740

E. None of the above

The following data represent the beginning inventory and, in the order of occurrence, the purchases and sales of McKensie Company for an operating period.

	Units	Unit Cost	Total Cost	Units Sold	Units on Hand
Beginning Inventory	20	$29	$ 580		20
Purchase no. 1	20	31	620		40
Sale no. 1				30	10
Purchase no. 2	90	32	2,880		100
Sale no. 2				80	20
Purchase no. 3	70	36	2,520		90
Totals	200		$6,600

Assuming McKensieCompany uses LIFO periodic inventory procedures, the ending inventory cost is:

Select one:

A. $2,610

B. $3,160

C. $3,130

D. $2,800

E. None of the above

The lower-of-cost-or-market method for inventory:

Select one:

A. States that inventory must be reported on the balance sheet at its current replacement cost

B. Must be applied to inventory on an item by item basis

C. Places losses from price declines in the period the goods are sold rather than in the period of the price decline

D. May cause inventory to be written up to an amount larger than historic cost

E. None of the above

The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Newtown, Inc. for an operating period.

	Units	Unit Cost		Total Cost		Units Sold
Beginning Inventory	32	$18		$ 576
Sale no. 1						10
Purchase no. 1	28	20		560
Sale no. 2						32
Purchase no. 2	20	19		380
Totals	80			$1,516		42

Assuming Newtown, Inc., uses FIFO periodic inventory procedures, the ending inventory cost is:

Select one:

A. $684

B. $696

C. $722

D. $740

E. None of the above