1.

Beginning inventory @ May 1	1,400 units @ $4.40
First purchase @ May 7	1,500 units @ $4.60
Second purchase @ May 17	1,700 units @ $4.70
Third purchase @ May 23	1,300 units @ $4.80
Sales @ May 31	4,500 units @ $6.30

What is the amount of cost of goods sold assuming the LIFO cost flow method?

• $20,700

• $21,130

• $19,800

• $21,600

2.

Super Shop had revenue of $209,500 cost of goods sold totaling $102,410 during 2020. The company started the year with $17,000 in inventory and finished the year with $29,000 in inventory. On average, how many days does it take Super Shop to sell through their inventory?

Multiple Choice

• 82 days

• 4 days

• 61 days

• 40 days