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11) Under which of the following inventory costing methods is the ending inventory valued on the cost of the most recent purchases?

A) Specific identification

B) Weighted-average

C) Last-in, first-out

D) First-in, first-out

12) Which of the following methods of inventory valuation requires the calculation of a new average cost after each purchase?

A) Specific identification

B) Weighted-average

C) Last-in, first-out

D) First-in, first-out

13) A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold a total of 150 units for $45 each from March 1 through December 31. What is the amount of ending inventory on December 31, if the company uses the first-in, first-out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system.)

A) $1,500

B) $1,250

C) $1,000

D) $2,250

14) A company purchased 100 units for $30 each on January 31. It purchased 150 units for $25 on February 28. It sold a total of 150 units for $50 each from March 1 through December 31. If the company uses the weighted-average inventory costing method, calculate the amount of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.)

A) $6,750

B) $2,700

C) $4,350

D) $2,900

15) A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold a total of 150 units for $45 each from March 1 through December 31. If the company uses the last-in, first-out inventory costing method, calculate the amount of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.)

A) $1,500

B) $1,250

C) $1,000

D) $2,250

16) A company purchased 100 units for $30 each on January 31. It purchased 150 units for $25 on February 28. It sold 150 units for $50 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.)

A) $3,000

B) $4,000

C) $4,250

D) $6,750

17) A company purchased 100 units for $30 each on January 31. It purchased 150 units for $25 on February 28. It sold 150 units for $50 each from March 1 through December 31. If the company uses the weighted-average inventory costing method, calculate the amount of Cost of Goods Sold on the income statement for the year ending December 31. (Assume the company uses the perpetual inventory system.)

A) $6,750

B) $4,050

C) $3,000

D) $3,750

18) 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

If the company uses the last-in, first-out inventory costing method, what is the amount of cost of goods sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.)

A) $4,000

B) $3,000

C) $2,000

D) $5,000

19) Metro Computer Company had the following balances and transactions during 2014:

Beginning Merchandise Inventory

100 units at $75

March 10

Sold 50 units

June 10

Purchased 200 units at $80

October 30

Sold 150 units

What would the company's ending merchandise inventory amount be on December 31, 2014 if the perpetual last-in, first-out costing method is used?

A) $7,500

B) $23,500

C) $7,750

D) $16,000

20) Harris Company had the following balances and transactions during 2014:

Beginning Merchandise Inventory

100 units at $75

March 10

Sold 50 units

June 10

Purchased 200 units at $80

October 30

Sold 150 units

What would the Cost of Goods Sold be as reported on the income statement for the year ending December 31, 2014 if the perpetual, last-in, first-out costing method is used? Round your answer to two decimal places.

A) $15,750

B) $12,000

C) $3,750

D) $15,000

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