The following data applies to a particular item of merchandise:

On hand at start of period	300	$5.10
1st purchase	500	5.20
2nd purchase	700	5.30
3rd purchase	600	5.50
Number of units available for sale	2,100
On hand at end of period	500
Number of units sold during period	1,600

Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the last-in, first-out costing method, the cost of goods sold would be

(4pts)

Question 12 - The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the last-in, first-out costing method, the cost of goods sold would be

	$8,390.
	$8,410.
	$2,530.

The following data applies to a particular item of merchandise:

On hand at start of period	300	$5.10
1st purchase	500	5.20
2nd purchase	700	5.30
3rd purchase	600	5.50
Number of units available for sale	2,100
On hand at end of period	500
Number of units sold during period	1,600

Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the specific identification costing method, the value of inventory on hand at the end of the period would be

(4pts)

Question 14 - The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the specific identification costing method, the value of inventory on hand at the end of the period would be

	$2,730.
	$2,570.
	$8,390.
	$8,410.