Question 1 – The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was:

$12,000 

$10,000 

$ 9,000 

$16,000   

Question 2 – Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000. The cost of goods sold would be:

$30,000 

$35,000 

$15,000 

$25,000    

Question 3 – Following is the inventory activity for July:

Beginning Balance   10 sweaters @ $12 each

1-Jul Purchased 5 sweaters at $14 each

8-Jul  Purchased 8 sweaters at $17 each

17-Jul  Purchased 6 sweaters at $20 each

24-Jul  Sold 12 sweaters for $30 each

What is the ending inventory $ amount using the FIFO method?

$298     

$224 

$261 

Question 4 – Following is the inventory activity for July:

Beginning Balance 10 sweaters @ $12 each

1-Jul  Purchased 5 sweaters at $14 each

8-Jul  Purchased 8 sweaters at $17 each

17-Jul  Purchased 6 sweaters at $20 each

24-Jul  Sold 12 sweaters for $30 each

What is the ending inventory $ amount using the LIFO method?

$298 

$224   

$261