Pacific Company starts the year with a beginning inventory of 4,800 units at $6 per unit. The company purchases 6,800 units at $5 each in February and 3,800 units at $7 each in March. Pacific sells 1,850 units during this quarter. Pacific has a perpetual inventory system and uses the FIFO inventory costing method. What is the cost of goods sold for the quarter?

Multiple Choice

$12,950

$9,250

$12,025

$11,100

Sweetwater Co. updates its inventory perpetually. The company reported a beginning inventory of $3,000. During the year, the company recorded inventory purchases of $9,000 and cost of goods sold of $10,000. What was the amount of its ending inventory?

Multiple Choice

$5,400

$5,000

$2,000

$5,200

If inventory is updated perpetually, which of the equations is correct?

Multiple Choice

Ending inventory = Beginning inventory + Purchases Cost of goods sold

Ending inventory = Beginning inventory + Purchases + Cost of goods sold

Cost of goods sold = Beginning inventory Purchases Ending inventory

Cost of goods sold = Beginning inventory + Purchases + Ending inventory