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-6- 17. Assuming that Osbourne Company uses the WEIGHTED AVERAGE Cost Flow Assumption Method for Inventory, the Cost or Goods Sold to be recorded for the twenty-four (24) units of Inventory sold during the month of August is: (a) $4,960. $5,184. (b) (c) $3,456. $8,140. (d) Assuming that Osbourne Company uses the FIFO Cost Flow Assumption Method for Inventory, the sixteen (16) units of this product remaining in Ending Inventory as of August 31, 2019 have a total cost of: 18. (a) $3,200. (b) $5,440. $4,960. (c) (d) $5,184. Assuming that Osbourne Company uses the LIFO Cost Flow Assumption Method for Inventory, the sixteen (16) units of this product remaining in Ending Inventory as of August 31, 2019 have a total cost of: 19. $3,200. (a) (b) $3,680. (c) $4,960. (d) $5,184. Assuming that Osbourne Company uses the WEIGHTED AVERAGE Cost Flow Assumption Method for Inventory, the sixteen (16) units of this product remaining in Ending Inventory as of August 31, 2019 have a total cost of: 20. (a) $3,456. (b) $5,184. (c) $5,440. (d) $8,140. Weighted-Average Method. Specific Identification Method. FIFO Method. LIFO Method. (a) (b) (c) (d) Use the following information for questions 15 through 20. Osbourne Company uses a Perpetual Inventory System. The Beginning Inventory of a particular product and the purchases during the month of August 2019 were as follow: Total Unit Quantity 16 Cost $200 Cost $3,200 Beginning Inventory (August 1, 2019) Purchases (August 1, 2019) Purchases (August 15, 2019) 220 1,760 3,680 $8,640 16 40 230 Total On August 21, 2019, Osbourne Company sold sixteen (16) units of this product. The other twenty-four (24) units remained in Ending Inventory on August 31, 2019. Assuming that Osbourne Company uses the FIFO Cost Flow Assumption Method 15. for Inventory, the Cost Of Goods Sold to be recorded for the twenty-four (24) units of Inventory sold during the month of August is: $3,200. (a) (b) $4,960. (c) $5,184. $5,440. (d) Assuming that Osbourne Company uses the LIFO Cost Flow Assumption Method. for Inventory, the Cost Of Goods Sold to be recorded for the twenty-four (24) units of Inventory sold during the month of August is: 16. (a) $4,960. (d)

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