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A 20 - A company made the following merchandise purchases and sales during the month of July: July 1 Beginning Inventory 75 units at $25 eachJuly 3 Purchased 348 units at $27 eachJuly 8 Sold 300 unitsJuly 15 Purchased 257 units at $28 eachMay 23 Sold 275 units Assume that the company uses a perpetual FIFO inventory system. What is the dollar value of its ending inventory?

	$2940
	$3685
	$2625
	$2852

Question 21 - A company made the following merchandise purchases and sales during the month of July: July 1 Beginning Inventory 75 units at $25 eachJuly 3 Purchased 348 units at $27 eachJuly 8 Sold 300 unitsJuly 15 Purchased 257 units at $28 eachMay 23 Sold 275 units Assume that the company uses a Periodic FIFO inventory system. What is the dollar value of its ending inventory?

	2940
	2685
	2625
	2852

22. A company made the following merchandise purchases and sales during the month of July:

July 1 Beginning Inventory 75 units at $25 each July 3 Purchased 348 units at $27 each July 8 Sold 300 units July 15 Purchased 257 units at $28 each May 23 Sold 275 units

Assume that the company uses a perpetual LIFO inventory system. What is the dollar value of its ending inventory?

25. A company purchased $4,500 of merchandise on May 1 with terms 2/10, n/30. On May 6 it returned $250 of that merchandise. On May 8, it paid the balance owed for merchandise, taking any discount it is entitled to. The cash paid on May 8 is

$4250
	4165
	$4500
	$4410

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