The inventory records for Beefsteak Co. reflected the following;

Beginning inventory @ May 1	100 units @ $4.00
First purchase @ May 7	300 units @ $4.40
Second purchase @ May 17	500 units @ $4.60
Third purchase @ May 23	100 units @ $4.80
Sales @ May 31	900 units @ $7.80

1. Determine the amount of Cost of Goods Sold assuming the FIFO cost flow method and a periodic inventory system.

a. 4,020

b. 4,500

c. 4,050

d. 4,100

2. Determine the amount of ending inventory assuming the LIFO cost floz method and a periodic inventory system.

a. 940

b. 480

c. 440

d. 400

3. Determine the amount of Cost of good Sold assuming the weighted average cost flow method

a. 4,020

b. 450

c. 4,500

d. 4,020

e. 4,050

4. Determine the amount of Cost of Good Solds assuming the LIFO cost flow method and a periodic inventory system:

a. 4,500

b. 4,050

c. 4,100

d. 4,020

5. Determine the amount of ending inventory assuming the weighted average cost flow method.

a. 450

b. 940

c. 440

d. 480

e. 400

6. Determine the Gross Profit ( Gross Margin ) assuming the FIFO cost flow method:

a. 4,500

b. 7,020

c. 3,000

d. 4,020