EX$.07\mathrm{.}186$

The units of an item available for sale during the year were as follows:

Jan. $1$ Inventory $25$ units at $$45$

Mar. $4$ Purchase $15$ units at $$50$

June $7$ Purchase $35$ units at $$58$

Nov. $15$ Purchase $20$ units at $$65$

There are $30$ units of the item in the physical inventory at December $31.$ The periodic inventory system is used. Determine the ending inventory cost using FIFO.

EX$\mathrm{.}07\mathrm{.}204$

The following data were taken from Castle, Inc.

Determine the inventory turnover ratio and the days' sales in inventory for Castle Inc. Round your answers to two decimal places. Use a $365-$day year.

Inventory turnover

Days' sales in inventory

days

TF$,07\mathrm{.}16$

Under the periodic inventory system, the merchandise inventory account continuously discloses the amount of inventory on hand.

True

False

EX$\mathrm{.}07\mathrm{.}188$

The beginning inventory and purchases of an item for the period were as follows:

The company uses the periodic system, and there were $15$ units in the inventory at the end of the period. Determine the cost of the $15$ units in the inventory by each of the following

methods, presenting details of your computations: $($a$)$ first$-$in$,$ first$-$out; $($b$)$ last$-$in$,$ first$-$out; $($c$)$ weighted average cost. Do not round your intermediate computations and round

your final answers to two decimal places.

a$.$ First$-$in$,$ first$-$out

b$.$ Last$-$in$,$ first$-$out

c$.$ Weighted average cost

$4$

MC$.07\mathrm{.}52$

Which document establishes an initial record of the receipt of inventory?

a$.$ receiving report

b$.$ petty cash voucher

c$.$ vendor's invoice

d$.$ purchase order