Assume that Q-Mart uses a periodic FIFO inventory system. During the year, it sold 14 units. Calculate the dollar value of its cost of goods sold for the period.   Date Activity Jan. 1Beginning Inventory10 @ $12Jan. 5Purchase10 @ $15Jan. 30Purchase10 @ $18Feb. 8Sale14 unitsMultiple choice question.$210$150$240$180

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

Assume that Widgets, Inc. uses a periodic specific identification inventory system. During the period, it sold 4 units from beginning inventory, 8 units from the Jan. 5 purchase, and 2 units from the Jan. 29 purchase. Calculate the dollar value of its cost of goods sold for the period based on the information provided below.   DateActivity Jan 1Beginning Inventory10 @ $12Jan 5Purchase10 @ $15Jan 29Purchase10 @ $18Jan 30Sale14 unitsMultiple choice question.$140$210$204$246

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

Assume that J-Mart uses a periodic weighted average inventory system. Calculate the average cost per unit.  DateActivity Jan. 1Beginning Inventory15 @ $12 = $180Jun. 5Purchase5 @ $15 = $75Jun. 28Purchase10 @ $18 =$180Jun. 8Sale6 unitsMultiple choice question.$14.50/unit$18/unit$15/unit$16.50/unit

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).