1. If beginning inventory is $20,000, purchases are $185,000, and ending inventory is $30,000, what is cost of goods sold as determined by the cost of goods sold model?

a. $135,000

b. $175,000

c. $195,000

d. $235,000

2. Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30?

a. $32,500

b. $38,400

c. $63,600

d. $69,500

3. Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of goods sold under LIFO at April 30?

a. $37,500

b. $38,400

c. $63,600

d. $64,500

4. Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30?

a. $32,800

b. $38,400

c. $63,600

d. $69,200

5. Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30?

a. $32,800

b. $38,400

c. $63,600

d. $69,200

6. Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under average cost at April 30? (Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)

a. $34,667

b. $35,838

c. $66,162

d. $67,333