One identical unit is purchased on each of the following three dates and at the respective costs: June 1 at $10; June 2 at $15; and July 4 at $20 The company sells two units during the period. Conclude which inventory items are sold first and which unit remains in ending inventory if the company is using the FIFO cost flow assumption.Multiple choice question.The June 2 at $15 and the July 4 at $20 are both sold; the June 1 at $10 remains in ending inventory.The June 1 at $10 is sold; the June 2 at $15 and the July 4 at $20 remain in ending inventory.The June 1 at $10 and the June 2 at $15 are both sold; the July 4 unit remains in ending inventory.

A company's inventory records report the following: Date Activities Units Acquired at Cost Units Sold at RetailAugust 1 Beginning inventory 15 units @ $38 = $570  August 5 Purchase 10 units @ $39 = $390  August 12 Purchase 20 units @ $40 = $800  August 15 Sales   30 units soldUsing the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?Multiple Choice$400$290$600$1,160$1,760

ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the month, it had two sales. Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10.  DateActivity Jan 1Beginning Inventory 8 @ $12 = $96Jan 5Purchase12 @ $15= $180Jan 25Purchase10 @ $18= $180Jan 10Sale11 @ $50 eachJan 30Sale3 @ $55 eachMultiple choice question.$195$141$550$180

Grays Company has the following purchases and sales during the month of August. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 12 units that were sold? Date Activities Units Acquired at Cost Units Sold at RetailAugust 1 Beginning inventory 10 units @ $44 = $440  August 3 Purchase 20 units @ $46 = $920  August 6 Sales   12 units soldMultiple Choice$502.$504.$532.$548.$460.

What is the inventory balance at 12/31/2022 if Enterprise uses the FIFO cost flow assumption?  Recall that the 15 units of inventory at the end of 2021 had a total value of $150.a.$490b.$480c.$418d.$370

Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Date Line Item Description Units Cost per Unit Amount Jan. 1 Inventory 16 units at $34 $544 Aug. 13 Purchase 7 units at $36 252 Nov. 30 Purchase 7 units at $37 259 Available for sale 30 units $1,055 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).