Stock Valuation:

Date	Receipts
May 2010	Qty	Total cost
2	200	$44,000
10	400	$100,000
15	300	$78,000

Date	Sales
May 2010	Qty	Sales price
7	300 units	$210,000
14	400 units	$284,000
17	350 units	$252,000

The tables above represent data relating to Product X for the month of May 2009. On April 30, 2009 the company had on hand 200 units of the product valued at $200 each.

1)Using the fifo method of inventory valuation, the total cost of sales for May 7 would be:

Select one:

a.$62,000

b.$64,000

c.$63,000

d.$40,000

2)Using the FIFO method of inventory valuation, the total value of stock on hand on May 10 would be:

Select one:

a.$22,000

b.$122,000

c.$121,000

d.$120,000

3)Using the FIFO method of inventory valuation, the total cost of sales for May 14 would be:

Select one:

a.$97,000

b.$96,800

c.$100,000

d.$75,000

4)Using the FIFO method of Inventory, the total cost of sales for May 17 would be:

Select one:

a.$89,425

b.$13,000

c.$88,000

d.$90,000

5. Using the FIFO method of Inventory, closing stock for the month of May would be:

Select one:

a.$12,775

b.$13,000

c.$409,000

d.$10,000

6.) Using the LIFO method of inventory valuation, the total cost of sales for May 7 would be:

Select one:

a.$62,000

b.$63,000

c.$40,000

d.$64,000

7)Using the LIFO method of inventory valuation, the total value of stock on hand on May 10 would be:

Select one:

a.$121,000

b.$22,000

c.$120,000

d.$122,000

8)Using the LIFO method of inventory valuation, the total cost of sales for May 14 would be

Select one:

a.$100,000

b.$97,000

c.$75,000

d.$96,800

9)Using the LIFO method of Inventory, the total cost of sales for May 17 would be:

Select one:

a.$89,425

b.$90,000

c.$13,000

d.$88,000

10. Using the LIFO method of Inventory, closing stock for the month of May would be:

Select one:

a.$12,775

b.$392,000

c.$13,000

d.$10,000

11)Using the AVCO method of inventory valuation, the total cost of sales for May 7 would be:

Select one:

a.$62,000

b.$63,000

c.$40,000

d.$64,000

12)Using the AVCO method of inventory valuation, the total value of stock on hand on May 10 would be:

Select one:

a.$121,000

b.$120,000

c.$22,000

d.$122,000

13)Using the AVCO method of inventory valuation, the total cost of sales for May 14 would be:

Select one:

a.$97,000

b.$96,800

c.$100,000

d.$75,000

14)Using the AVCO method of Inventory, the total cost of sales for May 17 would be:

Select one:

a.$88,000

b.$13,000

c.$90,000

d.$89,425

15) Using the AVCO method of Inventory, closing stock for the month of May would be:

Select one:

a.$10,000

b.$347,200

c.$13,000

d.$12,775