Question 1 Qty Cost per Unit Market Price per unit Item 1 10 $12 $11 Item 2 12 $15 $17 Item 3 17 $12 $14 Based on lower of cost or market in compliance with GAAP, what should this company report as its inventory balance? $494 $424 $454 O $504 Question 2 ABC Company reports the following information for an accounting period: Beginning Balance, Inventory: $1,400,000 Purchases: 1,100,000 Sales: 1,500,000 Sales Returns: 100,000 Gross Profit %: 40% What is cost of goods available for sale? O 2,600,000 840,000 O 3,000,000 0 2,500,000 Moving to the next question prevents changes to this answer. Question 6 Inventory, March 1 Purchases in March Avail for Sale Cost Retail $18,200 $42,300 47,800 67,700 66,000 110,000 ACCT Co. also had sales in October of $53,000. Using the retain method of inventory costing, what is October ending inventory at cost? $28,000 $34,200 $44,000 $39,800 Question 7 Note the following information for West Co: Beginning Inventory: 90,000 Purchases: 130,000 Sales: $140,000 Gross profit is on average 40% Using the Gross Profit method, estimated ending inventory should be: $136,000 $84,000 $56,000 O $134,000