13. Beginning inventory plus the cost of goods purchased equals a cost of goods sold. b. cost of goods available for sale. C.net purchases d. total goods purchased The LIFO inventory method assumes that the cost of the latest units purchased are a. the last to be allocated to cost of goods sold. b. the first to be allocated to ending inventory. c. the first to be allocated to cost of goods sold. d. not allocated to cost of goods sold or ending inventory 15. 630 510 A company just starting business made the following four inventory purchases in June June 1 150 units $ 390 June 10 200 units 598 June 15 200 units June 28 150 units $2.128 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using a periodic inventory system and the LIFO inventory method, the cost of the ending inventory, to the nearest doolar, on June 30 is a $540 b. $668 C. $1.460. d. $1.588 16. A company just starting business made the following four inventory purchases in June. June 1 150 units $ 390 June 10 200 units 598 June 15 200 units 630 June 28 150 units 510 $2.128 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand Using a periodic inventory system, the inventory method which results in the highest gross profit for June is a the FIFO method. b. the LIFO method C. the weighted average unit cost method d. not determinable