sorry the copy and paste function is being funky.....

Graham Company uses a periodic inventory system. Details for the inventory account for the month of January, 2010 are as follows:

Units

Per unit price

Total

Balance, 1/1/10	200	$5.00	$1,000
Purchase, 1/15/10	100	5.30	530
Purchase, 1/28/10	100	5.50	550

An end of the month (1/31/10) inventory showed that 120 units were on hand. If the company uses FIFO, what is the value of the ending inventory?

1)

$1,424

2)

$520

3)

$656

4)

$600

the correct answer is 3. please explain why

Sampson Company's accounting records show the following at the year ending on December 31, 2010:

Purchase Discounts	$ 5,600
Freight - in	7,800
Purchases	200,010
Beginning Inventory	23,500
Ending Inventory	28,800
Purchase Returns	6,400

Using the periodic system, the cost of goods sold is

1)

$198,910.

2)

$209,510.

3)

$190,510.

4)

$201,110.

the correct answer is 3, please explain why.

As a result of a thorough physical inventory, Hastings Company determined that it had inventory worth $270,000 at December 31, 2010. This count did not take into consideration the following facts: Carlin Consignment store currently has goods worth $52,000 on its sales floor that belong to Hastings but are being sold on consignment by Carlin. The selling price of these goods is $75,000. Hastings purchased $20,000 of goods that were shipped on December 27. FOB destination, that will be received by Hastings on January 3. Determine the correct amount of inventory that Hastings should report.

1)

$322,000.

2)

$290,000.

3)

$342,000.

4)	$345,000. the correct answer is 1. please explain why.