Question 1. Given the following data, calculate the cost of ending inventory using the average cost method. (Round any intermediary and final answers to two decimal places.)

Date Item Unit

1/1 Beginning Inventory 40 units at $30 per unit

3/5 Purchase of Inventory 20 units at $10 per unit

5/30 Purchase of Inventory 25 units at $22 per unit

12/31 Ending Inventory 20 units

A.) $413 B.)$459 C.) $200 D.) $550

Question 2. On June 1, Neighbor Company purchased inventory on account with a cost of $5,000. The credit terms were 2/10, net 30. On June 2, Neighbor returned 60 percent of the inventory. Neighbor uses the perpetual inventory system. On June 8, Neighbor paid for the inventory. What journal entry did Neighbor Company prepare on June 8?

A. debit Accounts Payable for $2,000 credit Purchase Discount for $40 and credit Cash for $1,960

B.debit Accounts Payable for $2,000, credit Inventory for $40 and credit Cash for $1,960

C.debit Accounts Payable for $3,000 and credit Cash for $3,000

D.debit Purchase Discount for $40, debit Cash for $1,960 and credit Accounts Payable for $2,000

Question 3.

The following data are for Jessee's Candy Store for January:

Beginning inventory	$235,000		Net sales revenue	$470,000
Net purchases	$625,000		Normal gross profit rate	30% What is the company's estimated cost of goods sold for the month? A. 235,000 B.329,000 C. 155,000 D. 141,000