Matlock Company uses a perpetual inventory system . Its beginning in ventory consists of 67 units that cost $ 40 each . During June , the comp any purchased 202 units at $ 40 each , returned 8 units for credit , and s old 168 units at $ 67 each . Journalize the June transactions . Question 4 Amsterdam Company uses a periodic inventory system . For April , wh en the company sold 700 units , the following information is available . Compute the April 30 inventory and the April cost of goods sold usin g the average cost method . Question 5 Amsterdam Company uses a periodic inventory system . For April , wh en the company sold 600 units , the following information is available . Compute the April 30 inventory and the April cost of goods sold usin g the FIFO method . Question 6 ( FIFO , LIFO , Average Cost Inventory ) Esplanade Company was formed on December 1 , 2011 . The followin g information is available from Esplanade ’ s inventory records for Pro duct BAP . Purchases Units Unit Cost January 1 , 2012 ( beginning inventory ) 762 8.00 January 5 , 2012 1,524 9.00 January 25 , 2012 1,651 10.00 February 16 , 2012 1,061 11.00 March 26 , 2012 762 12.00 A physical inventory on March 31 , 2012 , shows 2,032 units on hand . Prepare schedules to compute the ending inventory at March 31 , 2012 , under each of the following inventory methods . Assume Esplanade Company uses the periodic inventory method . Question 7 Floyd Corporation has the following four items in its ending inventor y . Determine the final lower of cost or market inventory value for eac h item . Question 8 Kumar Inc . uses a perpetual inventory system . At January 1 , 2013 , inv entory was $ 320,786 at both cost and market value . At December 31 ,