Apr 8 Purchase 24 units17 14 Sale 20 units 34 22 Purchase 1

Apr. 8 Purchase 24 units@$17 14 Sale 20 units @ $34 22 Purchase 16 units $19 0 O A $776 O B. $764 O C. $76

Solution

Answer to Image 1 is A. $776 cost as per LIF

Answer to image 2 is D. Overstated both cost of goods sold and net income

Answer to image 3 is 1=c. 2=h 3=f 4=e 5=g 6=d 7=b 8=a

Answer to image 4 is Ending mercandise inventory is 4 units at 70 each = $280

Cost of goods sold is = $1540

Answer to image 5 is Ending mercandise inventory is 10 units at 25 each = $250

Cost of goods sold is = $2760

Answer to image 6 is Ending mercandise inventory is 7 units at 45 each = $315

Cost of goods sold is = $1800

Answer to image 7

a. Periodic inventory system

b. perpetual inventory system

c. perpetual inventory system

d. periodic inventory system

e. perpetual inventory system