Reference no: EM13480205

1) The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was:

		$12,000
		$10,000
		$ 9,000
		$16,000

2) Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000. The cost of goods sold would be:

		$30,000
		$35,000
		$15,000
		$25,000

3) Following is the inventory activity for July:

	Beginning Balance 10 sweaters @ $12 each
1-Jul	Purchased 5 sweaters at $14 each
8-Jul	Purchased 8 sweaters at $17 each
17-Jul	Purchased 6 sweaters at $20 each
24-Jul	Sold 12 sweaters for $30 each

What is the ending inventory $ amount using the FIFO method?

		$298
		$224
		$261

4) Following is the inventory activity for July:

	Beginning Balance 10 sweaters @ $12 each
1-Jul	Purchased 5 sweaters at $14 each
8-Jul	Purchased 8 sweaters at $17 each
17-Jul	Purchased 6 sweaters at $20 each
24-Jul	Sold 12 sweaters for $30 each

What is the ending inventory $ amount using the LIFO method?

		$298
		$224
		$261