Name_______________________ Open BookGUDS12

Use the following information from Tack Company for the month ofAprilto answer questions 1 through3.

Number of Unit Total

Units Count Cost

April 1 Beginning Inventory 75 $25$1,875

April 3 Purchase 348 27 9,396

April 15 Purchase257 28 7,196

680 $18,467

TackCompany sells575units of inventory for$75each.

Assume that Tack uses a periodicFIFOinventory system. What is the dollar value of its ending inventory?

$2,940

$2,685

$2,625

$2,868

$2,705

Assume that Tack uses aperiodicLIFOinventory system. What is the dollar value of its ending inventory?

$2,940

$2,685

$2,625

$2,868

$2,705

Assume that Tack uses aperiodicspecific identificationinventory system. Itsending inventoryconsists of22units from beginning inventory,6units from theApril3 purchase, and77units from theApril15 purchase. What is the dollar value of its ending inventory?

$2,940

$2,685

$2,625

$2,868

$2,840

BillingIndustries received its utility bill for the current period of $800 and immediately paid it. Its journal entry to record this transaction includes a

Credit to Utility Expense for $800.

Debit to Utility Expense for $800.

Debit to Accounts Payable for $800.

Debit to Cash for $800.

Credit to Common Stock for $800.

On May 1,Chuck's CleaningService collected $3,500 cash from a customer in advance of five months of cleaningservice.Chuck's journal entry to record this transaction includes a

Credit to UnearnedCleaningService Fees for $3,500.

Debit toCleaningService Fees Earned for $3,500.

Credit to Cash for $3,500.

Debit to UnearnedCleaningService Fees for $3,500.

Credit to Common Stock for $3,500.