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In: Accounting

1. A company just starting business made the following four inventory purchases in June: June 1...

1. A company just starting business made the following four inventory purchases in June:

June 1

150 units

 $520
June 10 200 units 780
June 15 200 units 840
June 28 150 units 660
$2800

A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. using the LIFO method, the value of the ending inventory on June 30 is:

a) $715

b) $1930

c) $870

d) $2085

2. Midwest Automotive Design was incorporated on January 1, 2017, issuing 1,000 shares of $100 par value , 5% cumulative preferred stock, and 500 shares of $10 par value common stock. Midwest Automotive Design did not pay dividends in 2017 and 2018.

The Midwest Automotive Design pays a total of $22,000 in dividends in 2019, how much will the common stock shareholders receive?

a) $0

b) $7,000

c) $15,000

d) $12,000

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THANK YOU?

ekkarill92 answered 2 years ago
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