out Q D Vie DI Sync References Mailings Review View Help Ruler One Page New Window 100 Gridlines Multiple Pages Vertical Side Zoom 100% Arrange All to Side Navigation Pane Page Width Split in Rese Page Movement Show Zoom Use the following inventory information for the month of May to answer questions 4 through 7: May 1 Beginning inventory 20 units @ $19 7 Purchase 70 units @ $20 22 Purchase 10 units @ $22 Units sold in May: 65 units 4. Assuming that a periodic inventory system is used, what is ENDING INVENTORY (not Cost of Goods Sold) under the weighted average cost method? a. $700.00 c. $680.00 b. $711.67 d. $720.00 5. Assuming that a periodic inventory system is used, what is COST OF GOODS SOLD on a FIFO basis? a. $1,321.67 c. $1,280.00 b. $1320.00 d. $1,300.00 Assuming that a periodic inventory system is used, what is the ENDING INVENTORY (not Cost of Goods Sold) on a LIFO basis? a. $680.00 c. $720.00 b. $700.00 d. $711.67 7. Assume that of the 65 units sold, 15 of the units were sold on May 5 and the other 50 units were sold on May 15. If the company were to use a perpetual inventory system, what would be the COST OF GOODS SOLD on a LIFO basis? a. $1,300.00 c. $1.285.00 b. $1.320.00 d. $1,480.00 8. Assuming that prices are rising, which method will result in the lowest ending inventory? a. First-in, first-out c. Weighted Average cost b. Last-in, first-out 6. o 01 W ovement Show Zoom 9. Johnson Co. had sales during the most recent accounting period of $120,000. The cost of goods available for sale during this period was $117,000, and the retail selling price for these same goods was $150,000. What is the estimated cost of ending inventory using the retail method? a. $30,000 c. $33,000 b. $23,400 d. $93,600 10. Gledhill Products had net sales of $700,000 during the year. Their cost of goods available for sale during the year was $600,000. If the company's products have an average gross profit of 25 percent, calculate the estimated cost of ending inventory, using the gross profit method. a. $525,000 c. $ 75,000 b. $125,000 d. $100,000