Assume that three identical units are purchased separately on the following three dates and at the respective costs: June 1 at $10 June 2 at $15 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 LIFO perpetual cost flow assumption.Multiple choice question.The June 1 at $10 is sold; the June 2 at $15 and the July 4 at $20 remains in ending inventory.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 and the June 2 at $15 are both sold; the July 4 unit remains in ending inventory.

A company's inventory records indicate the following data for the month of January: Date Activities Units Acquired at Cost Units Sold at RetailJanuary 1 Beginning inventory 530 units @ $18 = $9,540  January 8 Purchase 510 units @ $20 = $10,200  January 12 Sale   940 units @ $70January 17 Purchase 570 units @ $22 = $12,540  January 23 Sale   385 units @ $70January 28 Purchase 630 units @ $24 = $15,120  If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory?Multiple Choice$8,470.$20,990.$19,790.$25,300.$26,410.

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

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

When using the LIFO method under a perpetual inventory system, the latest units purchased before a sale are allocated to:

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