Knowledge Check 01 Jameson Company uses average cost and a perpetual system. On January 1, the company had 600 units of inventory at an average cost of $55 per unit for a total cost of $33,000. The company purchased and sold inventory during the month as follows: Purchases: January 10: 1,000 units at $59 - $59,000 January 20: 800 units at $62 - $49,600 Sales: January 12: 1.200 units January 28: 900 units What is the average cost per unit that should be used to determine the cost of the units sold on January 287 (Round your answer to two decimal points.) Average cost per unit Knowledge Check 01 Otis Corp. uses a periodic system and the FIFO method. Otis had beginning inventory of 30 units purchased at $120 each and made the following purchases during the year: Jan. 15:34 units at $110 May 30: 61 units at $84 Oct. 20: 160 units at $60 Sales during the year totaled 271 units. What is the cost of ending inventory? Cost of ending inventory Knowledge Check 01 Saunderstown Company reported the following pretax data for its first year of operations. $2.950 $ 2,480 $ 700 Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 300 $ 990 $1,250 What is Saunderstown's gross profit ratio if it elects LIFO? (Round your answer to the nearest whole percentage.) Gross profit ratio Knowledge Check 01 Carrington Corp. uses a periodic system and the LIFO method. Carrington had beginning inventory of 30 units purchased at $120 each and made the following purchases during the year: Jan. 15: 34 units at $110 May 30: 61 units at $84 Oct. 20: 160 units at $60 Sales during the year totaled 271 units. What is the cost of ending inventory? Cost of ending inventory