1. The Broncos use the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units that cost $12 each. During the month, the company made two purchases: 3,000 units at $13 each and 12,000 units at $13.50 each. Checkers also sold 12,900 units during the month. Using the average cost method, what is the amount of cost of goods sold for the month (Round to the nearest cent for average cost) a. $173,700. b. C. $167,055 $161,850. $167,700. d. 2. The Chargers, Inc. had January 1 inventory of $175,000 when it adopted dollar-value LIFO. December 31 inventory at year- end prices was $250,860, and the price index was 113. What is The Chargers ending inventory? hou a. $228,110 b. $222,000. C. $250,860. d. $283,472. 3. Seahawks Inc. took a physical inventory at the end of the year and determined that $730,000 of goods were on hand. In addition, the following items were not included in the physical count. Seahawks, Inc. determined that $106,000 of goods purchased were in transit that were shipped f.o.b. destination (goods were actually received by the company three days after the inventory count). The company sold $55,000 worth of inventory f.o.b. destination. What amount should Seahawks report as inventory at the end of the year? a. $891,000. b. $730,000. c. $785,000. Ano d. $836,000. 4. Given the acquisition cost of product Zenith is $31, the net realizable value is $29, the normal profit is $5, and the market value (replacement cost) is $27, what is the proper per unit inventory price for product Zenith under the lower-of-cost-or-market rule? a $24 b. $29 C. $31 d. $27 ing 13./14.98 3410 blow 5. The following information is available for October for Da Bears Company. Beginning inventory Net purchases $400,000 1,200,000 1,800,000 33.34% Net sales Rate of GP as a percentage of cost A fire destroyed da Bears October 31 inventory. Using the gross profit method, the estimated ending inventory destroyed by fire is a. $399,940. b. $250,000. c. $200,000. $600,000. d