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Problem 1: A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December 31. If the company uses the LIFO inventory costing method, which of the following amounts will be the amount of inventory on the December 31 balance sheet?
A) $1,250
B) $1,000
C) $1,500
D) $2,250
Problem 2: Which of the following is gross profit divided by net sales?
A) Debt ratio
B) Rate of inventory turnover
C) Current ratio
D) Gross profit percentage
Problem 3: Which of the following is cost of goods sold divided by average inventory?
A) Rate of inventory turnover
B) Gross profit
C) Debt ratio
D) Debt ratio
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