MGT 11A MIDTERM 1 QUESTIONS |
COMPREHENSIVE EXAM PREP, PRACTICE
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, E) $276 A company had inventory on Nov. 1 of 5 units at a cost of $20 each. On Nov. 2 they
purchased to 10 units at $22 each. On Nov. 6 they purchased 6 units at $25 each. ON Nov.
8, 8 units were sold for $55 each.
Using the LIFO perpetual inventory method, what was the value of the inventory on Nov.
8 after the sale?
A) $304
B) $296
C) $288
D) $280
E) $276
$129800 Herald Company had sales of $135000, sales discounts of $2000 and sales returns of
$3200. Harald Company's net sales equal:
A) $5200
B) $129800
C) $133000
D) $135000
E) $140200
B)$486 A corporation uses a LIFO perpetual inventory system.
Aug. 2 25 units purchased @ $12/unit
Aug. 5 10 units purchased @ $13/unit
Aug. 15 12 units sold @ $25/unit
Aug. 18 15 units purchased @ $14/unit
What was the amount of the ending inventory for the month of August?
A) $496
B) $486
C) $492.57
D) $300
E) $510
COMPREHENSIVE EXAM PREP, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
, E) $276 A company had inventory on Nov. 1 of 5 units at a cost of $20 each. On Nov. 2 they
purchased to 10 units at $22 each. On Nov. 6 they purchased 6 units at $25 each. ON Nov.
8, 8 units were sold for $55 each.
Using the LIFO perpetual inventory method, what was the value of the inventory on Nov.
8 after the sale?
A) $304
B) $296
C) $288
D) $280
E) $276
$129800 Herald Company had sales of $135000, sales discounts of $2000 and sales returns of
$3200. Harald Company's net sales equal:
A) $5200
B) $129800
C) $133000
D) $135000
E) $140200
B)$486 A corporation uses a LIFO perpetual inventory system.
Aug. 2 25 units purchased @ $12/unit
Aug. 5 10 units purchased @ $13/unit
Aug. 15 12 units sold @ $25/unit
Aug. 18 15 units purchased @ $14/unit
What was the amount of the ending inventory for the month of August?
A) $496
B) $486
C) $492.57
D) $300
E) $510
