uestion 21 (1 point)

Mandy Corp. purchased inventory as follows:

March 3 500 units at $18 March 4 300 units at $20 March 7 200 units at $22

On March 5, Mandy sold 600 units for $18 each. The average unit cost to be used for the cost of goods sold on March 5, in a perpetual inventory system, is

Question 21 options:

1)

$18.80.

2)

$19.40.

3)

$25.00.

4)

$16.67.

Question 22 (1 point)

ABC Inc. uses the FIFO cost formula in a perpetual inventory system.

Jul 1 Beginning inventory 20 units @ $19 per unit Jul 7 Purchases 70 units @ $20 per unit Jul 8 Sales 50 units Jul 9 Sales 25 units Jul 10 Purchases 50 units @ $22 per unit Jul 22 Sales 40 units

The cost of goods sold for the July 9 sale was

Question 22 options:

1)

$475.

2)

$480.

3)

$495.

4)

$500.