Question 1 The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of

Question 1

The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000.  The cost of purchases for 200X was:

$12,000

 $10,000

 $  9,000

 $16,000   

Question 2

Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000.  The inventory at the end of the month was $20,000.  The cost of goods sold would be:

$30,000 

$35,000 

$15,000 

$25,000   

Question 3

Following is the inventory activity for July:

Beginning Balance 10 sweaters @ $12 each

1-Jul   Purchased 5 sweaters at $14 each

8-Jul    Purchased 8 sweaters at $17 each

17-Jul   Purchased 6 sweaters at $20 each

24-Jul  Sold 12 sweaters for $30 each

What is the ending inventory $ amount using the FIFO method?

$298   

 $224 

$261

Question 4

Following is the inventory activity for July:

 Beginning Balance 10 sweaters @ $12 each

1-Jul   Purchased 5 sweaters at $14 each

8-Jul     Purchased 8 sweaters at $17 each

17-JulPurchased 6 sweaters at $20 each

24-JulSold 12 sweaters for $30 each

What is the ending inventory $ amount using the LIFO method?

$298 

$224   

$261