Use the following information from Tack Company for the month of April to answer questions 1 through 3.

Number ofUnitTotal

UnitsCountCost

April 1Beginning Inventory75$25$ 1,875

April 3Purchase348279,396

April 15Purchase257287,196

680$18,467

Tack Company sells 575 units of inventory for $75 each.

1.Assume that Tack uses a periodic FIFO inventory system. What is the dollar value of its ending inventory?

a.$2,940

b.$2,685

c.$2,625

d.$2,868

e.$2,705

2.Assume that Tack uses a periodic LIFO inventory system. What is the dollar value of its ending inventory?

a.$2,940

b.$2,685

c.$2,625

d.$2,868

e.$2,705

3.Assume that Tack uses a periodic specific identification inventory system. Its ending inventory consists of 22 units from beginning inventory, 6 units from the April 3 purchase, and 77 units from the April 15 purchase. What is the dollar value of its ending inventory?

a.$2,940

b.$2,685

c.$2,625

d.$2,868

e.$2,840

4.Billing Industries received its utility bill for the current period of $800 and immediately paid it. Its journal entry to record this transaction includes a

a.Credit to Utility Expense for $800.

b.Debit to Utility Expense for $800.

c.Debit to Accounts Payable for $800.

d.Debit to Cash for $800.

e.Credit to Common Stock for $800.

5.On May 1, Chuck's Cleaning Service collected $3,500 cash from a customer in advance of five months of cleaning service. Chuck's journal entry to record this transaction includes a

a.Credit to Unearned Cleaning Service Fees for $3,500.

b.Debit to Cleaning Service Fees Earned for $3,500.

c.Credit to Cash for $3,500.

d.Debit to Unearned Cleaning Service Fees for $3,500.

e.Credit to Common Stock for $3,500.