Practice Test 1) Using the information given below for a company that uses a perpetual inventory system, calculate the ending inventory using weighted average. Units 100 40 Unit Cost S10 2 Beginning inventory Uan. 5 purchased Jan. 10 sold Jan. 15 purchased Jan. 25 sold 60 SO Cost of goods sold Units Unit cost Total Units Balance Unit cost Total Answer: Purchases Date Units Unit cost Total 1/1 1/5 11/10 1/15 1/25 2) Calculate the ending inventory using LIFO for a company that uses a perpetual inventory system, using the information given below. Units 100 Unit Cost $10 40 Beginning inventory Aug. 5 purchase Aug. 10 sale Aug. 15 purchase Aug. 25 sale 60 50 Answer: Purchases Cost of goods sold Unit cost Total Units Unit cost Total Units Units Balance Unit cost Total Date 8/1 8/5 TT 8/10 8/15 3) Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Date Activities May 1Beginning Inventory 5Purchase 10Sales 15 Purchase 24Sales Units Acquired at Cost 150 units @ $10.00 220 units @ $12.00 140 units @ $20.00 100 units @ $13.00 90 units @ $21.00 A) $2,980 B) $2,460 C) $2,850 D) $2,590 E) $5,440