Question 8 and 9

Use the following information for questions 7 and 9 A company just starting business made the following four inventory purchases in June: June 50 uns S 825 June 10 200 units ,120 June 15 200 units ,140 June 28 150 units 885 $3.970 A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. 7. Using the Average inventory method, the value of the ending inventory on June 30 is approximately a. S1,385 b. $1,425 c. S1,455 d. $1,418 8. Using the LIFO inventory method, the value of the ending inventory on June 30 is a. S1,385 b. S1,425 $ 1 ,455 d. $1,475 9. Using the FIFO inventory method, the amount allocated to ending inventory for June is a. S1,385 b. S1,425 c. $1,455 d. $1,475 10. The entry to write off an account receivable under the allowance method a. decreases the net realizable value of accounts receivable b. affects the net realizable value of accounts receivable, but without more information the direction