40.

40. Inventory is reported on the balance sheet statement at:

Select one:

a. Cost

b. Market value

c. Lower of cost or market value

d. None of the above

41. A perpetual inventory system offers all the following advantages except:

Select one:

a. inventory balances are always current

b. it is less expensive than a periodic system

c. it enhances internal control

d. it helps sales people determine whether there is a sufficient supply of inventory on hand to fill customer orders

42. Given the following data, calculate the cost of ending inventory on 12/31/2018 using a periodic inventory system and a LIFO cost flow assumption: 1/1 Beginning inventory 50 units at $10 per unit 3/5 Purchases 50 units at $12 per unit 5/30 Purchases 40 units at $13 per unit 10/25 Purchases 60 units at $14 per unit 12/31 Ending inventory 35 units

Select one:

a. $380

b. $490

c. $350

d. $420