11. Casey Company's beginning inventory and purchases during the fiscal year ended December 31, 2012, were as follows: (Note: The company uses a perpetual system of inventory.)
UnitsUnit PriceTotal Cost
January 1—Beginning Inventory20$12$240
Total Cost of Inventory$980
Ending inventory is 14 units.
What is the cost of goods sold for Casey Company for 2012 using LIFO?
15. Bill's Bikes had sales for the week of $3,569, of which $2,900 was on credit and $659 was in cash sales. The cost of the bikes sold was $1,888. The journal entries would include a
A. debit to Cash for $3569; credit to Sales for $3,569.
B. debit to Cost of Goods Sold for $1,888; credit to Sales of $1,888.
C. debit to Cash for $3,569; credit to Cost of Goods Sold for $3,569.
D. debit to Cost of Goods Sold for $1,888; credit to Inventory for $1,888.
16. Meranda Corporation purchases $3,500 of inventory on account from Ashley Corporation. The journal entry to record this purchase for Meranda under a perpetual inventory system is
A. debit Inventory; credit Cash.
B. debit Inventory; credit Accounts Payable—Meranda.
C. debit Inventory; credit Accounts Payable—Ashley.
D. debit Accounts Payable-Ashley; credit Inventory