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Use the following information to answer the next FIVE questions: A company uses the perpetual inventory method and sells a single product. The following transactions
Use the following information to answer the next FIVE questions: A company uses the perpetual inventory method and sells a single product. The following transactions took place during January: Beginning inventory 30 units at S6 $180 January 3 sale 15 units at $20 300 January 7 purchase 45 units at $7 315 January 15 purchase 40 units at S8 320 January 24 sale 40 units at $20 800 5. If the company uses the first-in-first-out cost flow assumption, cost of goods available would be: a $815 b. $1,100. c. $410. d. S1,915. 6. If the company uses the first-in-first-out cost flow assumption, the inventory balance reported on the January 31 balance sheet would be: a $355 b. $460 c. S180. di S405. 7. If the company uses the last-in-first-out cost flow assumption, the inventory balance reported on the January 31 balance sheet would be: a S355. b. S460. c. $405. d. $410. 8. If the company uses the last-in-first-out cost flow assumption, gross profit would be: a $745 b. $695 c. $435 d. $690 9. If the company uses the weighted average cost flow assumption, cost of goods sold would be: a S390 b. $435 c. S380. d. 5284
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