Ext] 1. Transactions for the month of June were: Thusaetions forthemonth oqune wae: ushes-s June 1. (balm) 400 @ $3.20 June 2 300 @ $5.50 3 1,100@

1. Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is?

 a. $1,900.

 b. $1,920.

 c. $1,970.

 d. $2,065

 e. None of the above

2. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is

 a. $1,900.

 b. $1,920.

 c. $1,970.

 d. $2,065.

 e. None of the above

 3. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is

 a. $1,900.

 b. $1,920.

 c. $2,065.

 d. $2,100.

 e. None of the above

(250x3.50) + (400x3.40) = 2,235

 4. Assuming that perpetual inventory records are kept in units only, the ending inventory on an  average -cost basis, rounded to the nearest dollar, is

 a. $1,980.

 b. $1,956.

 c. $1,970.

 d. $1,995

 e. None of the above