TEST 7A (Concluded) 2% PROBLEM 1-ROBLEM8- Solve the following problems and record the answers in the Answers column INSTRUCTIONS: For 0. The amount credited to sales for the sale of merchandise costing $500, 0. $700 with 40% added to the cost price to determine seling price, is Surmmarized data on sales and merchandise available for sale are as follows: $390,000 April 1 Merchandise inventory April 1-30 Purchases (net) 1,100,000 April 1-30 Sales (net) lfthe estimated rate of gross profit is 40%, the estimated cost of the merchandise inventory on April 30 is The following lots of a particular commodity were available for sale 2. during the year 10 units at $60 40 units at $59 35 units at $62 15 units at $63 Beginning inventory First purchase Second purchase Third purchase Based on the periodic system, the total cost of the 25 units in inventory 2 at the end of the year, according to the first-in, first-out method, is. by the last-in, first-out method is by the average cost method is.... 3. Based on the data in Question 2, the totall cost of the 25 units in inventory 4. Based on the data in Question 2, the total cost of the 25 units in inventory 5. A purchase order for $7,000 of merchandise was mailed to a supplier on December 22, 2008. The merchandise was shipped by the supplier on December 29, 2008, under terms of FOB shipping point, and the merchandise was received on January 3, 2009. If 50% is added to its cost by the purchaser to determine selling price, the amount to be included in the inventory of the purchaser on December 31, 2008, is..... Beginning inventory, purchases, and sales of a commodity are presented below Inventory. July 1 Sales: 5 6. 15 units at $46 IO units at $65 30 units at $65 40 units at $65 30 units at $48 50 units at $49 July 6 12 Purchases: July9 Assuming that the perpetual inventory system is used, the cost of the inventory balance on July 31 by the FIFO method is 6 7. Based on the data in Question 6, the cost of the inventory balance on July 31 by the LIFO method is .. Summarized data on sales and merchandise available for sale are as follows 8. Cost $100000 $180,000 240,000 250,000 June June 1-30 Purchases (net) June 1-30 Sales (net) 1 Merchandise inventory The estimated cost of the merchandise inventory on June 30 by the retail method is 8