Raleigh Co. has the following products in its ending inventory. Compute the lower of cost or market total for inventory applied separately to each product.

Product	Quantity	Cost per unit			Market per unit
Jelly	150	$	2.00			2.15
Jam	370	$	2.65			2.50
Marmalade	260	$	3.10			3.05

Multiple Choice

• $2,040.50.

• $2,086.50.

• $2,018.00.

• $2,109.00.

• $2,053.50.

• A company has the following purchases and sales during February. Using the FIFO periodic inventory method, what is the cost of the 12 units that are sold?

  Date	Activities	Units Acquired at Cost					Units Sold at Retail
  Feb. 1	Beginning inventory	10 units @ $10	=	$	100
  Feb. 3	Purchase	20 units @ $12	=	$	240
  Feb. 5	Sales						12 units sold

  Multiple Choice

• $120

• $124

• $128

• $130

• $140

• A flood destroyed a companys warehouse contents on September 12. The following information was the only information that was salvaged:

• Inventory, beginning: $29,200
• Purchases for the period: $18,200
• Sales for the period: $56,200

• The company's average gross profit ratio is 28%. What is the estimated cost of the lost inventory using the gross profit method?

  Multiple Choice

• $7,526.40.

• $31,893.60.

• $34,128.00.

• $47,400.00.

• $46,400.00.

• Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO.

  Date	Activities	Units Acquired at Cost					Units Sold at Retail
  May 1	Beginning inventory	162 units @ $10	=	$	1,620
  May 5	Purchase	232 units @ $12	=	$	2,784
  May 10	Sales						152 units @ $20
  May 15	Purchase	112 units @ $13	=	$	1,456
  May 24	Sales						102 units @ $21

  Multiple Choice

• $3,136

• $2,724

• $3,006

• $2,746

• $3,016

• Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.

  Date	Activities	Units Acquired at Cost					Units Sold at Retail
  May 1	Beginning inventory	180 units @ $10	=	$	1,800
  May 5	Purchase	250 units @ $12	=	$	3,000
  May 10	Sales						170 units @ $20
  May 15	Purchase	130 units @ $13	=	$	1,690
  May 24	Sales						120 units @ $21

  Multiple Choice

• $3,370

• $3,120

• $3,240

• $2,980

• $6,490

• Sales returns for the period: $820