13) Sandra, Inc. had 200 units of inventory on hand at the end of the year. These were recorded at a cost of $15 each using the last-in, first-out (LIFO) method. The current replacement cost is $11 per unit. 13) The Selling price charged by Sandra, Inc. for each finished product is $18. In order to record the adjusting entry needed under the lower-of-cost-or-market rule, the Cost of Goods Sold will be A) credited by $2,200 C) debited by $2,200 B) debited by $800 D) credited by $800 14) When a company uses the perpetual inventory method, which of the following would be the en try 14 to adjust inventory to lower-of-cost-or-market? A) debit Merchandise Inventory and credit Inventory Adjustment B) debit Loss on Inventory and credit Merchandise Inventory C) debit Merchandise Inventory and credit Cost of Goods Sold D) debit Cost of Goods Sold and credit Merchandise Inventory 15) Which of the following is the correct formula to calculate weighted-average unit cost for merchandise inventory? A) Weighted-average unit cost Cost of goods available for sale - Number of units available B) Weighted-average unit cost-Cost of goods available for sale /Number of units available C) Weighted-average unit cost-Cost of goods available for sale x Number of units available D) Weighted-average unit cost Cost of goods available for sale + Number of units available 16) Which of the following inventory costing methods uses the cost of the oldest purchases to calculate the cost of goods sold? B) last-in, first-out D) specific identification A) weighted-average C) first-in, first-out