Question 28

Q: If COGAS is $1,137 and the value of ending inventory under periodic FIFO is $319, what is FIFO COGS?

		816
		817
		818
		819

1 points

Question 29

Q: Which of the following is NOT true of a perpetual inventory system?

	A.	COGS is computed and recorded every time the firm sells products from inventory.
	B.	The inventory balance is continuously updated for both purchases and sales.
	C.	COGS is recorded as an adjusting entry at the end of the period.
	D.	The firm can use either the FIFO or the LIFO inventory cost method with a perpetual inventory system.

1 points

Question 30

Q: ABC Corp. has 110 units of inventory. 50 were purchased on April 15 and have a unit cost of $5.00. 60 were purchased on May 1 and have a unit cost of $5.20. On May 3, ABC sells 55 units of this product. Using the FIFO (first in, first out) cost flow assumption, what is the ending value of inventory (55 units)?

	A.	302.50
	B.	300.50
	C.	290
	D.	286

1 points