Question 5 In a period of rising prices FIFO will have low

Question 5 In a period of rising prices FIFO will have lower net purchases than LIFO. lower income tax expense than LIFO. lower net income than LIFO. lower cost of goods sold than LIFO. Question 6 Nick’s Place recorded the following data: Units Unit Date Received Sold On hand Cost 1/1 Inventory 600 $2.50 1/8 Purchased 1000 1600 300 1/12 Sold 1200 300 The weighted average unit cost of the inventory at January 31 is: $3.400. $2.81. $2.75. $2.50. Question 7 Romanoff Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/14 Purchase 54 $45 3/14/14 Purchase 93 $47 5/1/14 Purchase 66 $49 The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used what is the companys after-tax income using FIFO? (rounded to whole dollars) $3552 $2322 $2486 $3318 Question 8 Moroni Industries has the following inventory information. July1 Beginning Inventory 40 units at $120 5 Purchases 240 units at $112 14 Sale 160 units 21 Purchases 120 units at $115 30 Sale 140 units Assuming that a periodic inventory system is used what is the amount allocated to ending inventory on a FIFO basis? $11520 $11500 $33960 $33980 Question 9

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