Multiple Choice 6. The beginning inventory for Collins Company consists of 600 units valued at $20 each. Three purchases of 200 units each were made during the year at $21, $22, and $24 per unit, respectively. A physical count reveals 500 units on hand at December 31, which is the end of the accounting period. What is the value of the ending inventory under a periodic FIFO system? a. $11,000 b. $11,300 c. $10,500 d. $10,636 7. The beginning inventory for Kincaid Company consists of 300 units valued at $10 each. Four purchases of 50 units each were made during the year at $11, $11.50, $13, and $14 per unit, respectively. A physical count reveals 220 units on hand at December 31, which is the end of the accounting period. What is the value of the ending inventory under a periodic LIFO system? a. $2,409 b. $2,420 c. $2,530 d. $2,200

8 The beginning inventory for Lucas Company consists of 200 units valued at $15 each. Three purchases of 45 units each were made during the year at $15, $16, and $16.50 per unit, respectively. What is the average cost per unit using a weighted-average inventory costing system? Round the per unit cost to two decimals. a. $15.00 b. $15.34 c. $16.50 d. $16.00 9. The beginning inventory for North Company consists of 150 units valued at $25 each. Four purchases of 50 units each were made during the year at $25.50, $26, $27, and $29 per unit, respectively. A physical count reveals 90 units on hand on December 31, which is the end of the accounting period. Assuming that the company values inventory by a periodic FIFO system, what is the cost of goods sold for the current period? a. $6,770 b. $6,810 c. $6,595 d. $6,875 10. The beginning inventory for Goodman Appliances consists of 600 units valued at $500 each. Two purchases of 500 units each were made during the year at $525 and $550 per unit, respectively. A physical count reveals 95 units on hand on December 31, which is the end of the accounting period. Assuming that the company values inventory by a periodic LIFO system, what is the cost of goods sold for the current period? a. $787,773 b. $790,000 c. $785,250 d. $780,000