47.Which of the following statements is generally true when prices are rising?
Table 3Assume the following data for Blaylock Company for 20X5:Beginning inventory10 units at $70 eachMarch 18 purchase25 units at $75 eachApril 15 sale30 unitsJune 10 purchase30 units at $80 eachOctober 30 purchase22 units at $83 eachNovember 15 sale40 units48.Refer to Table 3. Under the perpetual LIFO method, cost of goods sold would be valued at:a)$3,275b)$5,300c)$5,491d)$5,276
49.Referring to Table 3, under the perpetual FIFO method, cost of goods sold on the income statement would be:
50.Referring to Table 3, under the perpetual average cost method, cost of goods sold on the income statement for the April 15 sale would be:
51.Given the following data, what is cost of goods sold under a periodic inventory system?Sales revenue $950,000Beginning inventory 150,000Ending inventory230,000Purchases720,000