Use the following information for questions: A company had the following inventory activity during May: $\begin{array}{lrrrr}&\text { Units}&\text { Unit Cost }&\text {Total Cost }&\text { Unit Price }\\\hline \text { Beginning inventory } & 100 & \$ 20.00 & \$ 2,000 & \\ \text { Purchase: May 3 } & 900 & \$ 21.00 & 18,900 & \\ \text { Sale: May 5 } & (900) & & & \$ 30.00 \\ \text { Purchase: May 15 } & 1,000 & \$ 21.00 & 21,000 & \\ \text { Sale: } & (900) & & & \$ 30.00 \end{array}$ -If the company uses a perpetual system and the FIFO cost flow assumption, what is the gross margin for the month closest to:

A) $12,100 B) $16,200 C) $16,300 D) $17.100 A) $12,100 B) $16,200 C) $16,300 D) $17.100

Use the following information for questions: A company had the following inventory activity during January: $\begin{array}{lrrr}&\text { Units}&\text { Unit Cost }&\text {Total Cost }\\\hline \text { Beginning inventory } & 800 & \$ 10.00 & \$ 8,000 \\ \text { Purchase: January } 5 & 1,400 & 11.00 & 15,400 \\ \text { Sale: January } 8 & (1,500) & & \\ \text { Purchase: January 13 } & 900 & 10.50 & 9,450 \\ \text { Sales: January } 24 & (900) & & \end{array}$ -The cost of goods available for sale was closest to:

A) $24,850 B) $25,500 C) $32,400 D) $32,850 A) $24,850 B) $25,500 C) $32,400 D) $32,850

(Multiple Choice)

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(Multiple Choice)

4.8/5

(36)

(Multiple Choice)

4.7/5

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(Multiple Choice)

4.8/5

(36)