MCQ

Use the following information to Answer MCQ # 16 - 19: XYZ Inc. uses the average cost formula in a perpetual Inventory system. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) Jun 1 Beginning Inventory 20 units @ $19.00 per unit Jun 5 Purchase 100 units @ $22.00 per unlt Jun 8 Sale 70 units Jun 9 Purchase 80 units 22.31 per unit Jun 10 Sale 25 units Jun 22 Sale 40 units 16. The cost of goods sold for the June 8 sale is (a) $1,480.00 (b) $1,505.00. (c) $1.527.68. (d) $1,540.00 17. The cost of goods sold for the June 10 sale is (a) $545.60. (b) $549.96. (c) $550.00 (d) $557.75 18. Total cost of goods sold for the month of June is (a) $2,914.65 (b) $2,934.96 (c) $2.946.24 (d) $2,994.80 19. XYZ Inc. has an ending inventory on June 30 of (a) $1,370.00 (b) $1,418.56 (C) $1,429.90 (d) $1.450.15