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A company had the following purchases and sales during its first year of operations: Purchases January 23 units at $185 February: 33 units at $190 May: 28 units at $195 September: 25 units at $280 November: 23 units at $205 Sales 14 units 13 units 17 units 16 units 30 units On December 31, there were 42 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) Multiple Choice $10,516 $8,010. $10,043. $9,991. $15,620. A company had inventory on November 1 of 5 units at a cost of $24 each. On November 2, they purchased 14 units at $26 each. On November 6 they purchased 10 units at $29 each. On November 8, 11 units were sold for $59 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? Multiple Choice $472 $460 A company uses the periodic inventory system and had the following activity during the current monthly period. November 1: November 5: November 8: November 16: November 19: Beginning inventory Purchased Purchased Sold Purchased 105 Units @ $10 105 Units @ $30 55 Units @ $22 146 Units @ $70 40 Units @ $30 Using the weighted average inventory method, the company's ending inventory would be: Multiple Choice O $2,410 o $3,460 o O s1,050 o 33 $3,446 o $2,250 Salmone Company reported the following purchases and sales of its only product Salmone uses a periodic inventory system Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Date May 1 5 10 nits Acquired at Cost 160 units @ $11 225 units @ $13 Beginning Inventory Purchase Sales Purchase Sales 145 units @ $21 15 105 units @ $14 24 95 units @ $22 Multiple Choice $2.800 o $3,240 o $3,355 o $3,215 o $2,940 Use the following information for Shafer Company to compute inventory turnover for year 2. Net sales Cost of goods sold Ending inventory Year 2 $653,500 389,700 78,900 Year 1 $584,100 360,960 80,580 Multiple Choice O 8.28 4.89