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Question 11 pts

When prices are rising, which inventory method produces a higher Ending Inventory balance?

FIFO

LIFO

Average Cost

Guesstimation

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Question 21 pts

ABC Corp. opened for business in November 2015. During November, ABC purchased 200 items of inventory for $2.00 each ($400 total cost). During December, ABC purchased another 200 items for $3.00 each ($600 total cost). In late December, ABC had its first and only sale of the quarter, 250 items for $5.00 each ($1,250 total revenue). What is ABC's Cost of Goods Sold for the December sale of 250 items? ABC uses the FIFO cost flow assumption. (Just enter a number--no symbols like $ or ,)

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Question 31 pts

[Same facts as Question 2 but different cost flow assumption]

ABC Corp. opened for business in November 2015. During November, ABC purchased 200 items of inventory for $2.00 each ($400 total cost). During December, ABC purchased another 200 items for $3.00 each ($600 total cost). In late December, ABC had its first and only sale of the quarter, 250 items for $5.00 each ($1,250 total revenue). What is ABC's Cost of Goods Sold for the December sale of 250 items? ABC uses the LIFO cost flow assumption. (Just enter a number--no symbols like $ or ,)

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Question 41 pts

[Same facts as Question 2 but different cost flow assumption]

ABC Corp. opened for business in November 2015. During November, ABC purchased 200 items of inventory for $2.00 each ($400 total cost). During December, ABC purchased another 200 items for $3.00 each ($600 total cost). In late December, ABC had its first and only sale of the quarter, 250 items for $5.00 each ($1,250 total revenue). What is ABC's Cost of Goods Sold for the December sale of 250 items? ABC uses the average cost flow assumption. (Just enter a number--no symbols like $ or ,)