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## Unitech has the following inventory

\$15.99

\$15.99

Unitech has the following inventory 1. Unitech has the following inventory information. July 1 Beginning Inventory 30 units at \$19 \$ 570 7 Purchases 105 units at \$20 2,100 22 Purchases 15 units at \$22 330 \$3,000 A physical count of merchandise inventory on July 31 reveals that there are 45 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is a. \$870. b. \$930. c. \$2,070. d. \$2,130. 2. Neighborly Industries has the following inventory information. July 1 Beginning Inventory 20 units at \$120 5 Purchases 120 units at \$112 14 Sale 80 units 21 Purchases 60 units at \$115 30 Sale 56 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis? a. \$7,328 b. \$7,348 c. \$15,392 d. \$15,412 3. Shandy Shutters has the following inventory information. Nov. 1 Inventory 15 units @ â‚¬6.00 8 Purchase 60 units @ â‚¬6.45 17 Purchase 30 units @ â‚¬6.30 25 Purchase 45 units @ â‚¬6.60 A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a periodic inventory system is used. Ending inventory under LIFO is a. â‚¬329. b. â‚¬316. c. â‚¬634. d. â‚¬647. 4. Lee Industries had the following inventory transactions occur during 2011: Units Cost/unit 2/1/11 Purchase 54 \$45 3/14/11 Purchase 93 \$47 5/1/11 Purchase 66 \$49 The company sold 153 units at \$63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the companyâ€™s gross profit using LIFO? (rounded to whole dollars) a. \$7,323 b. \$7,095 c. \$2,544 d. \$2,316 5. In a period of rising prices, the costs allocated to ending inventory may be understated in the a. average-cost method. b. FIFO method. c. gross profit method. d. LIFO method. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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