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Question 1:
MacFarland Inc.s January 1 inventory consisted of 10 units @ $91 each. MacFarland shows the following data for 20X1:
| Date | Purchases | Sales |
| February 2 | 15 units @ $106 each | |
| March 3 | | 20 units @ $150/unit |
| May 12 | 20 units @ $115 each | |
| June 22 | 10 units @ $119 each | |
| Sept. 13 | | 23 units @ $150/unit |
If MacFarland uses the perpetual method and moving-average costing, what is the value of its ending inventory on December 31?
a) $1,368
b) $1,420
c) $1,293
d) $1,260
$1,330
Question 2)
GTI Company uses a perpetual inventory system. It entered into the following purchase and sale transactions for April:
| Date | Activity | Units acquired at cost | Units sold at retail |
| April 1 | beginning inventory | 20 units @ $3,000/unit | |
| April 5 | purchase | 30 units @ $3,500/unit | |
| April 9 | sale | | 35 units @ $12,000/unit |
| April 18 | purchase | 5 units @ $4,500/unit | |
| April 25 | purchase | 10 units @ $4,800/unit | |
| April 29 | sale | | 25 units @ $14,000/unit |
| | TOTALS | 65 units | 60 units |
Compute the ending inventory for the month using LIFO:
| | | $215,500 |
| | | $24,000 |
| | | $15,000 |
| | | $220,500 |
| | | $211,500 |
| | | $20,000 |
Question 3)
ClickCo begins operations in 20X1 uses the periodic method and LIFO costing, and purchases merchandise as follows
| 20X1 | Units | Unit cost |
| March | 450 | $3.00 |
| August | 650 | $3.50 |
| 20X2 | | |
| February | 550 | $4.00 |
| October | 250 | $5.00 |
If ClickCo sells 850 units in 20X1 and again in 20X2, ending inventory on the 20X2 balance sheet will be:
$800
$700
$0
$600
$1,000
Please solve all of these I don't have any remaining questions which I can post here, and I am already failing the course. I will surely upvote you.
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