Use the following inventory information for the month of May to answer questions 3 through 6: @ $12 @ $15 @ $18 3. 4. 5. 6. May 1 Beginning inventory 7 Purchase 22 Purchase Units sold in May: 65 units Assuming that a periodic inventory system is used, what is ENDING INVENTORY under the weighted-average cost method? a. $500.00 b. $498.67 a. $1,320.00 b. $1,035.00 Assuming that a periodic inventory system is used, what is COST OF GOODS SOLD on a FIFO basis? c. $514.50 d. $588.00 a. $675.00 b. $435.00 c. $1,275.00 d. $885.00 Assuming that a periodic inventory system is used, what is the ENDING INVENTORY on a LIFO basis? a. $930.00 b. $1,035.00 30 units 50 units 20 units c. $585.00 d. $515.00 Assume that of the 65 units sold, 15 of the units were sold on May 5 and the other 50 units were sold on May 15. If the company were to use a perpetual inventory system, what would be the COST OF GOODS SOLD on a LIFO basis? c. $885.00 d. $1,275.00 14

Use the following inventorv information for the month of May to answer questions 3 through 6: 3. Assuming that a periodic inventory system is used, what is ENDING INVENTORY under the weighted-average cost method? a. $500.00 c. $514.50 b. $498.67 d. $588.00 4. Assuming that a periodic inventory system is used, what is COST OF GOODS SOLD on a FIFO basis? a. $1,320,00 c. $1,275.00 b. $1,035,00 d. $885.00 5. Assuming that a periodic inventory system is used, what is the ENDING INVENTORY on a LIFO basis? a. $675.00 c. $585.00 b. $435.00 d. $515.00 6. Assume that of the 65 units sold, 15 of the units were sold on May 5 and the other 50 units were sold on May 15. If the company were to use a perpetual inventory system, what would be the COST OF GOODS SOLD on a LIFO basis? a. $930.00 c. $885.00 b. $1,035.00 d. $1,275.00