Attempt 2 Written: Nov 5, 2016 1:19 Am - Nov 5, 20

Attempt 2Written: Nov 5, 2016 1:19 AM - Nov 5, 2016 1:21 AMSubmission ViewYour quiz has been submitted successfully.Question 15 / 5 pointsWhen merchandise sold is assumed to be in the order in which the expenditures were made, the inventory costing method is called:A) average cost.B) first-in, first-out.C) first-in, last-out.D) last-in, first-out.Question 25 / 5 pointsThe inventory costing method that assigns the most recent costs to cost of good sold is:A) FIFO.B) LIFO.C) specific identification.D) average cost.Question 35 / 5 pointsUse the following data to calculate the cost of ending inventory under the FIFO method.September 1Beginning Inventory15 units at $20 eachSeptember 10Purchase20 units at $25 eachSeptember 20Purchase25 units at $28 eachSeptember 30Ending Inventory30 unitsA) $750B) $675C) $825D) $840Question 45 / 5 pointsUse the following data to calculate cost of merchandise sold under FIFO method.September 1Beginning Inventory15 units at $20 eachSeptember 10Purchase20 units at $25 eachSeptember 20Purchase25 units at $28 eachSeptember 30Ending Inventory30 unitsA) $750B) $825C) $600D) $675Question 55 / 5 pointsUse the following data to calculate the cost of ending inventory using the LIFO