QUESTION 1

1. Use the following information to answer questions 1 thru 3. Sep. 1 Inventory 20 units @ $20 Sep. 4 Sold 10 units Sep. 10 Purchased 30 units @ $25 Sep. 17 Sold 20 units Sep. 30 Purchased 10 units @ $30 What is the cost of ending inventory using the FIFO method?

   		$400
   		$650
   		$725
   		$800

QUESTION 3

1. Ending inventory using the Average Cost method would be.

   		$400
   		$650
   		$725
   		$800