1- )How should a consignee record goods held on consignment?

Multiple Choice

A The goods should be included in ending inventory of the consignee as soon as they are transferred from the consignor to the consignee.

B The goods should be included in cost of goods sold of the consignee only once sold.

C- The goods should not be recorded as inventory or cost of goods sold by the consignee at any point during the consignment arrangement.

D- The goods should be included in cost of goods sold of the consignee as soon as they are transferred from consignor to consignee. 2-

Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 375 qts. @ $3.90 per quart on April 1.

Purchases:							Sales:
Apr. 10	575	qts	@	$	4.00		Apr. 3	350	qts
Apr. 14	475	qts	@	$	4.10		Apr. 12	575	qts
Apr. 20	475	qts	@	$	4.15		Apr. 26	375	qts

The ending inventory assuming LIFO and a periodic inventory system is: (Round your final answer to two decimal places.)

Multiple Choice

A $2,362.50.

B $2,467.50.

C- $2,402.50.

D- $2,472.50.