Multiple Choice Question 99 The following information was available from the inventory records of Sheffield Corp. for January Units 9 000 Unit Cost Total Cost $8.70 $78300 Balance at January 1 Purchases: January 6 January 26 6000 8000 10.30 10.70 61800 5600 Sales January 7 January 31 Balance at January 31 (6000) (12000) Assuming that Sheffield maintains perpetual inventory records, what should be the inventory at January 31, using the moving average inventory method, rounded to the nearest dolar? $52522 O $49179. $49064 $49900. SHOW SOLUTION Multiple Choice Question 103 Transactions for the month of June were: Purchases June 1 (balance) 3120 $3.30 8700 3.20 4900 3.40 7110 3.50 2020 3.60 June 2 Sales 2410 6460 4030 @ 1580 5600 800 $5.30 5.30 5.30 5.00 5.00 5.00 10 18 25 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is $16898 $16401. $17597. $16216. Multiple Choice Question 105 Transactions for the month of June were: June 1 Purchases (balance) 3300 8750 @ 4740 @ 7110 @ 1930 @ $3.20 3.10 3.30 3.40 3.50 June 2 6 9 10 18 25 Sales 2420 $5.30 6330 5.30 4050 5.30 1600 6 55406 7500 6 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is O $17669. $16965 O $16543. $16743