Reference no: EM132672184

Concords has the following inventory data:

Nov. 1Inventory24 units @ $4.80 each

8 Purchase96 units @ $5.15 each

17 Purchase48 units @ $5.05 each

25 Purchase72 units @ $5.30 each

Problem 1: A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Cost of goods sold under LIFO is

A. $422.

B. $812.

C. $404.

D. $830.

Financial information is presented below:

Operating expenses$ 31000

Sales revenue229000

Cost of goods sold159000

Problem 2: The gross profit rate would be

A. 0.69.

B. 0.14.

C. 0.17.

D. 0.31.

Financial information is presented below:

Operating expenses$ 33000

Sales returns and allowances5000

Sales discounts3000

Sales revenue156000

Cost of goods sold110000

Problem 3: Gross profit would be

A. $43000.

B. $38000.

C. $41000.

D. $46000.

Financial information is presented below:

Operating expenses$ 34000

Sales returns and allowances9000

Sales discounts4000

Sales revenue158000

Cost of goods sold103000

Problem 4: The gross profit rate would be

A. 0.35.

B. 0.29.

C. 0.71.

D. 0.27.