Inventories Name MULTIPLE CHOICE Instructions: Circle the best answer for each of the following questions. 1. If merchandise inventory at the end of the period is misstated: a. gross profit will be misstated b. stockholders' equity will be misstated c. net income will be misstated d. all of the above 2. The following units of a particular item were purchased and sold during the period Beginning inventory First purchase Sale. Second purchase.... Sale. Third purchase Sale. 10 units at $5 15 units at $6 10 units 10 units at $7 .15 units at $e8 17 unts .. What is the total cost of the 15 units on hand at the end of the inventory system by the lifo costing method? a" $80 b. $90 C. $100 d. $120 period, as determined under the perpetual 3. Assuming the data given in No. 2, determine the total cost of the 15 units on hand at the end of the period assuming a perpetual inventory system and the fifo costing method. a, $80 b. $90 c. $100 d. $120 4. Assuming the data given in No. 2, determine the total cost of the 15 units on hand at the end of the period assuming a periodic inventory system and the lifo costing method. a, $80 b. $90 c. $100 d. $120 5. Assuming the data given in No. 2, determine the total cost of the 15 units on hand at the end of the period assuming a periodic inventory system and the fifo costing method. a. $80 C. $99 d.$120 6. Assuming the data given in No. 2, deternine the total cost of the 15 units on hand at the end of the period assuming a periodic inventory system and the average costing method. a. $80 b. $90 C, $99 d. $120 149