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The following facts pertain to the cost of one product carried in the merchandise inventory...

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Accounting

The following facts pertain to the cost of one product carried in the merchandise inventory of the Herara Store. Use this information
to answer the next three questions.
Inventory on hand, January 1200 units @ $20=$4,000
Purchase, March 18,600 units @ $24=14,400
Purchase, July 20,800 units @$26=20,800
Purchase, October 31,400 units @$30=12,000
A physical count of the inventory on December 31 reveals that 500 units are on hand.
If the FIFO cost method is used with a periodic inventory system, the inventory should be reported on the balance sheet at:
a. $40,000.
b. $36,600.
c. $14,600.
d. $11,200.
If the average costing method is used, the cost of goods sold for the year amounts to:
a. $38,400.
b. $37,500.
c. $12,800.
d. $12,500.
If the LIFO costing method is used, the cost of goods sold for the year amounts to:
a. $40,000.
b. $36,600.
c. $14,600.
d. $11,200.
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