nventory records for Capetown, Incorporated revealed the following: Date Transaction Number of Units Unit CostApril 1 Beginning Inventory 500 $ 2.36April 20 Purchase 310 2.59 Capetown sold 670 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)Multiple Choice$1,620.$1,653.$1,204.$1,581.

Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records:Sales                                                   $900,000Sales returns and allowances              $  30,000Purchases                                            $500,000Purchase returns and allowances        $    8,000Discount received                               $    4,000Freight-in                                            $    2,000Beginning inventory                           $  90,000Ending inventory                                $130,000What was the cost of goods available for sale?

An entity just starting business made the following four inventory purchases in June:            June     1          150 units                     $1,500            June     10        130 units                       1,170            June     15        90 units                         1,260            June     23        110 units                          990                                                                        $4,920A physical count of inventory on June 30 reveals that there are 20 units on hand. Using the weighted average cost method the amount allocated to the ending inventory on June 30 is:Question 5Answera.$205b.$180c.$220d.$200

Inventory records for Eliza Company revealed the following: Date Transaction Number of Units Unit CostMarch 1 Beginning Inventory 940 $ 7.11March 10 Purchase 600 7.54March 16 Purchase 710 7.97March 23 Purchase 550 8.37Eliza sold 1,870 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)Multiple Choice$14,687.$13,837.$15,652.$14,857.

A company's inventory records report the following in November of the current year: Date Activities Units Acquired at Cost Units Sold at RetailNovember 1 Beginning inventory 5 units @ $28 = $140  November 2 Purchase 10 units @ $30 = $300  November 8 Sales   12 units @ $62November 12 Purchase 6 units @ $33 = $198  Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold?Multiple Choice$334$356$378$244$282

Transactions Units Unit Costa. Inventory, Beginning 1,500 $ 31For the year:    b. Purchase, March 5 7,500 32c. Purchase, September 19 3,500 34d. Sale, April 15 (sold for $76 per unit) 2,200  e. Sale, October 31 (sold for $79 per unit) 6,500  f. Operating expenses (excluding income tax expense), $398,000      Required:1. Calculate the number and cost of goods available for sale.2. Calculate the number of units in ending inventory.3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost.4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method.6. Which inventory costing method minimizes income taxes?