The following information relates to the inventory of ABC Inc. who uses a perpetual inventory system:

DateTransaction# UnitsUnit cost/sales priceDecember 4Opening inventory300$15December 10Purchase inventory100$18December 15Sell inventory320$27December 20Purchase inventory150$20December 29Sell inventory100$30

What is the value of inventory on hand after the December 29 sale if FIFO is used?

$2,200

$3,900

$1,950

$2,600

$2,400

4.The cost of goods sold (COGS) in a periodic inventory system is found by:

deducting the cost of ending inventory from the cost of goods available for sale

deducting the cost of beginning inventory from the cost of goods available for sale

adding the net cost of purchases to the ending inventory

deducting the cost of the ending inventory from the net cost of purchases

None of the above

5During the month of January, Cyber House Company invoiced customers $29,000 for goods delivered in January and collected $22,000 from customers. Included in the $22,000 was $2,000 which was an advance for a sales order which would be filled in June. Cyber House Company should report revenue for January of:

$7,000

$22,000

None of the other alternatives are correct

$2,000

$29,000

6The following data relates to Bands Are Us. Inc. for the year ended December 31, 2015:

Ending inventory at cost.........................$54,000

Ending inventory at NRV........................$52,700

Ending inventory at fair value...................$59,000

COGS before any adjustment for NRV........$67,000

Which of the following is the adjusted COGS balance for Bands Are Us. Inc. after NRV adjustment?

$65,700

$67,000

$62,000

$72,000

$68,300