The attachment has the correct format of the questions.

Question 1In its first month of operations, Bethke Company made three purchases of merchandise in the following sequence: (1)150units at $5, (2)400units at $6, and (3)150units at $7.

Assuming there are300units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Bethke uses a periodic inventory system.

FIFO

LIFO

Cost of the ending inventory$

$

Question 2In its first month of operations, Bethke Company made three purchases of merchandise in the following sequence: (1)120units at $9, (2)510units at $10, and (3)150units at $11.

Calculate the average unit cost.(Round answer to 2 decimal places, e.g. 15.25.)

Average unit cost$

Compute the cost of the ending inventory under the average-cost method, assuming there are390units on hand.(Round answer to 0 decimal places, e.g. 1,250.)

The cost of the ending inventory$

Question 3Pettit Company reports net income of $61,700in 2017. However, ending inventory was understated $8,700.

What is the correct net income for 2017?

Correct net income for 2017$

Question 4Xiong Co. uses a periodic inventory system. Its records show the following for the month of May, in which94units were sold.

Units

Unit Cost

Total Cost

May 1Inventory44

$11

$484

15Purchases36

14

504

24Purchases51

15

765

Totals131

$1,753

Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods.

FIFO

LIFO

Ending inventory at May 31$

$

Cost of goods sold$

$

Question 5Lisa Company had100units in beginning inventory at a total cost of $12,000. The company purchased200units at a total cost of $30,000. At the end of the year, Lisa had75units in ending inventory.

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost.(Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.)

FIFO

LIFO

Average-cost

The cost of the ending inventory$

$

$

The cost of goods sold$

$

$

Which cost flow method would result in the highest net income?

Which cost flow method would result in inventories approximating current cost in the balance sheet?

Which cost flow method would result in Lisa paying the least taxes in the first year?

Question 1 In its first month of operations, Bethke Company made three purchases of merchandise in the following sequence: (1) 150 units at $5, (2) 400 units at $6, and (3) 150 units at $7. Assuming there are 300 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Bethke uses a periodic inventory system. FIFO Cost of the ending inventory LIFO $ $ Question 2 In its first month of operations, Bethke Company made three purchases of merchandise in the following sequence: (1) 120 units at $9, (2) 510 units at $10, and (3) 150 units at $11. Calculate the average unit cost. (Round answer to 2 decimal places, e.g. 15.25.) Average unit cost $ Compute the cost of the ending inventory under the average-cost method, assuming there are 390 units on hand. (Round answer to 0 decimal places, e.g. 1,250.) The cost of the ending inventory $ Question 3 Pettit Company reports net income of $61,700 in 2017. However, ending inventory was understated $8,700. What is the correct net income for 2017? Correct net income for 2017 $ Question 4 Xiong Co. uses a periodic inventory system. Its records show the following for the month of May, in which 94 units were sold. May 1 Inventory Units Unit Cost Total Cost 44 $11 $484 15 24 Purchases 36 14 504 Purchases 51 15 765 Totals 131 $1,753 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO Ending inventory at May 31 Cost of goods sold LIFO $ $ $ $ Question 5 Lisa Company had 100 units in beginning inventory at a total cost of $12,000. The company purchased 200 units at a total cost of $30,000. At the end of the year, Lisa had 75 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO The cost of the ending inventory The cost of goods sold LIFO Average-cost $ $ $ $ $ $ Which cost flow method would result in the highest net income? Which cost flow method would result in inventories approximating current cost in the balance sheet? Which cost flow method would result in Lisa paying the least taxes in the first year