12.ABC Company reported an inventory balance of $1,200,000 at 12/31/15. The following inventory items were not included in the balance: 1)ABC sold goods that cost $300,000 on 12/28/15, F.O.B. Shipping Point. As of 12/31/15, the customer had not received the goods. 2)ABC sold goods that cost $250,000 on 12/23/15, F.O.B. Destination. The customer received the goods on 12/30/15. What amount of inventory should ABC Company report at 12/31/15? A.$650,000 B.$900,000 C.$950,000 D.$1,200,000 E.$1,450,000 F.$1,500,000 Please use the following information for Questions 13-15. ABC Company reported the following inventory activity in 2015: Beginning Balance 1,000 items @ $5.00 $5,000 February purchase 3,000 items @ $5.50 -$16,500 April purchase 2,500 items @ $6.00 $15,000 December purchase 1.500 items @ $6.25 -59,375 During 2015, ABC sold 6,000 items. 13.Determine the ending inventory under FIFO A.$10,000 B.$10,500 C.$12,375 D.$12,500 E.$33,500 14.Determine the COGS under LIFO A.$10,000 B.$10,500 C.$33,500 D.$35,375 E.$37,500 15. Determine the ending inventory under the average cost approach (Hint: round the average unit cost to two decimal places - i.e. 4.846-4.85) A.$8,595 B.$10,500 C.$11,460 D.$34,380 E.$33,500 16.In a period of rising prices, which inventory method will provide the highest valuation of ending inventory? ALIFO B FIFO C.Average Cost D.None of the above