ACCT 101

Inventory Quiz

Chapter 5

Based on the following information, determine (1) the balance of ending inventory and (2) COGS under the conditions given:

April 1  Inventory 25 units @ 40

April 7   Sales 15 units

April 12 Purchase 18 units @ 42

April 20  Sale 14 units

April  22 Sale 3 units

April  30 Purchase 10 units @ 43

  1. A perpetual inventory system is used in conjunction with FIFO cost flow assumptions.

    2.  

     

  2. A perpetual inventory system is used in conjunction with LIFO cost flow assumptions

    3.  

     

  3. A  perpetual inventory system is used in conjunction with weighted average.