- 5 Consider The Information Below Each 15 Of The 25 Units Were Sold Beginning Inventory Of 10 Units Sold At 10 Januar 1 (394.32 KiB) Viewed 34 times
5. Consider the information below: each 15 of the 25 units were sold. Beginning inventory of 10 units sold at $10 January 20 - purchase 10 units at $20 each January 30 - purchase 5 units at $30 each; and Using the average cost method, the: a. cost of goods sold will be a value between FIFO and LIFO b. ending inventory will be equal to $180 c. goods available for sale will equal $450 d. inventory sales and purchases will be reported in the investing activity section of the statement of cash flows. 6. A company has sales of $200 000; beginning inventory $30 000; Purchases $100 000 and inventory sold $90 000. It is true that: a. goods available for sale equal $200 000 b. ending inventory equals $30 000 C. cost of goods sold equals $40 000 d. gross profit equals $110 000 7) The inventory method which results in the highest gross profit for June is a. the FIFO method. b. the LIFO method. c. the weighted average unit cost method. d. not determinable.