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Accounting II for merchandise inventory

6. The beginning inventory for Collins Company consists of 600 units valued at $20 each. Three purchases of 200 units each were made during the year at $21, $22, and $24 per unit, respectively. A physical count reveals 500 units on hand at December 31, which is the end of the accounting period. What is the value of the ending inventory under a periodic FIFO system?

a. $11,000

b. $11,300

c. $10,500

d. $10,636

7. The beginning inventory for Kincaid Company consists of 300 units valued at $10 each. Four purchases of 50 units each were made during the year at $11, $11.50, $13, and $14 per unit, respectively. A physical count reveals 220 units on hand at December 31, which is the end of the accounting period. What is the value of the ending inventory under a periodic LIFO system?

a. $2,409

b. $2,420

c. $2,530

d. $2,200

8. The beginning inventory for Lucas Company consists of 200 units valued at $15 each. Three purchases of 45 units each were made during the year at $15, $16, and $16.50 per unit, respectively. What is the average cost per unit using a weighted-average inventory costing system? Round the per unit cost to two decimals.

a. $15.00

b. $15.34

c. $16.50

d. $16.00

9. The beginning inventory for North Company consists of 150 units valued at $25 each. Four purchases of 50 units each were made during the year at $25.50, $26, $27, and $29 per unit, respectively. A physical count reveals 90 units on hand on December 31, which is the end of the accounting period. Assuming that the company values inventory by a periodic FIFO system, what is the cost of goods sold for the current period?

a. $6,770

b. $6,810

c. $6,595

d. $6,875

10. The beginning inventory for Goodman Appliances consists of 600 units valued at $500 each. Two purchases of 500 units each were made during the year at $525 and $550 per unit, respectively. A physical count reveals 95 units on hand on December 31, which is the end of the accounting period. Assuming that the company values inventory by a periodic LIFO system, what is the cost of goods sold for the current period?

a. $787,773

b. $790,000

c. $785,250

d. $780,000

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