# E given the following data what is the ending

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e.Given the following data, what is the ending inventory as determined under the LIFO costing method?Sales revenue200 units at \$25 per unitBeginning inventory60 units at \$12 per unitPurchases180 units at \$15 per unita.\$480b.\$540c.\$600d.\$1,000(moderate, L.O. 2, a)
f.Given the following data, calculate the cost of ending inventory using the LIFO costing method:1/1Beginning inventory35 units at \$10 per unit2/25Purchase of inventory10 units at \$12 per unit5/20Purchase of inventory20 units at \$13 per unit8/15Purchase of inventory30 units at \$14 per unit10/17Purchase of inventory25 units at \$15 per unit12/31Ending inventory50 unitsa.\$500b.\$535c.\$725d.\$750(moderate, L.O. 2, b)g.Given the following data, calculate the cost of ending inventory using the FIFO costing method:1/1Beginning inventory45 units at \$10 per unit2/25Purchases40 units at \$12 per unit6/15Purchases30 units at \$13 per unit9/20Purchases25 units at \$14 per unit12/31Ending inventory40 units
h.Given the following data, calculate the cost of ending inventory using the weighted-average method, rounding to the nearest dollar:1/1Beginning inventory50 units at \$10 per unit3/5Purchases30 units at \$14 per unit5/30Purchases25 units at \$15 per unit10/25Purchases20 units at \$16 per unit12/31Ending inventory45 units
i.When inventory prices are falling, the FIFO method will generally yield a gross profit that is:
(difficult, L.O. 2, a)j.When inventory prices are increasing, the FIFO costing method will generally yield a cost of goods sold that is:a.equal to the gross profit under the LIFO methodb.equal to cost of goods sold under the LIFO methodc.less than cost of goods sold under the LIFO methodd.higher than cost of goods sold under the LIFO method(difficult, L.O. 2, c)k.When inventory prices are increasing, the FIFO costing method will generally result in a:a.higher gross profit than under LIFOb.lower inventory value than under LIFOc.higher cost of goods sold than under LIFOd.lower owners’ equity balance than under LIFO(difficult, L.O. 2, a)l.
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