The following information is for the next 3 questions:

The following transactions occurred during the year:

Units unit Cost

Opening Inv. Jan 1, 2014 1,000 12.00

Purchase: Mar 1 2014 800 15.00

Purchase: June 1 2014 1,000 9.00

Sale: November 5, 2014 ? ?

Ending Inv. Dec 31, 2014 1,200 ?

13. The number of units sold during the year is:

A. 600

B. 1,000

C. 1,200

D. 1,600

E. Depends if the inventory system is based on FIFO, LIFO or Weighted Average

14. Using FIFO, the value of Ending Inventory is closest to:

A. 12,000

B. 14,100

C. 16,200

D. 18,300

E. 20,400

15. Using Weighted average, the value of Ending Inventory is closest to:

A. 12,001

B. 14,140

C. 15,550

D. 16,333

E. Not enough information provided: need to know if it is perpetual or periodic inventory