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QN=241 A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold?

• a. $120.

• b. $124.

• c. $128.

• d. $130

• e. $140.

QN=243 A company had inventory of 10 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $21 each. On November 6 it purchased 15 units at $25 each. On November 8, it sold 20 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 20 units sold?

• a. $395

• b. $480

• c. $375

• d. $510

• e. $520.

QN=245 The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the:

• a. Weighted average inventory method.

• b. First-in, first-out method.

• c. Last-in, first-out method.

• d. Specific identification method.

• e. Retail inventory method.

QN=246 Which statement is true?

• a. The cost of an inventory item includes its invoice cost plus any discount, and plus any added costs necessary to put it in a place and condition for sale.

• b. The cost of an inventory item includes its invoice cost plus any discount, and minus any added costs necessary to put it in a place and condition for sale.

• c. The cost of an inventory item includes its invoice cost minus any discount, and minus any added costs necessary to put it in a place and condition for sale.

• d. The cost of an inventory item includes its invoice cost minus any discount

• e. The cost of an inventory item includes its invoice cost minus any discount, and plus any added costs necessary to put it in a place and condition for sale.

QN=247 A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold?

• a. $395

• b. $410.

• c. $450.

• d. $510.

• e. $520.

QN=248 Acme-Jones Company uses a weighted-average perpetual inventory system.August 2, 8 units were purchased at $12 per unit.August 18, 15 units were purchased at $14 per unit.August 29, 20 units were sold.August 31, 10 units were purchased at $16 per unit.What is the per-unit value of ending inventory on August 31?

• a. $12.00.

• b. $13.30.

• c. $15.38.

• d. $16.00

• e. $17.74.

QN=249 Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.June, 1: Beginning inventory 15 units at $20 eachJune, 15: Sale of 6 units at $50June, 29: Purchased of 8 units at $25The cost of goods sold is :

• a. $200.

• b. $220

• .c. $120

• d. $275

• e. $300

QN=250 A company had inventory of 10 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 22 units for $54 each. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold?

• a. $570

• b. $470

• c. $670

• d. $370

• e. $740

QN=251 A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO periodic inventory method, what is the cost of ending inventories?

• a. $120

• b. $216.

• c. $128

• d. $130.

• e. $140

QN=252 At the end of the period, A book store has 5000 books on the shelves of the store, in which, 500 books are consigned by MCQ company. During the period, the store also ordered 400 books with FOB destination point term, which are still in transit. Cost per unit of all books is $20. How much are Inventories reported in the Balance sheet if all inventories are reported at cost?

• a. 90,000

• b. 98,000

• c. 89,000

• d. 108,000

• e. 100,000