14) Which of the following inventory costing methods will always result in the same values for ending inventory and cost of goods sold regardless of whether a perpetual or periodic inventory system is used? A) Specific identification and FIFO B) LIFO and weighted average cost C) LIFO and specific identification D) FIFO and LIFO E) FIFO and weighted average cost 15) Hull Company reported the following income statement information for the current year: $ 410,000 Sales Cost of goods sold: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit $ 132,000 273.000 405,000 144,000 261.000 $ 149,000 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $20,000. Given this information, the correct gross profit would be: A) $129,000. B) S112,000. C) $169,000. D) S149,000. E) S142,000. 16) A company had the following purchases during its first year of operations: January February May: September: November: Purchases 23 units at $116 33 units at $127 28 units at S139 25 units at $147 23 units at $157 On December 31, there were 40 units remaining in ending inventory. These 40 units consisted of 5 from January, 6 from February, 10 from May, 4 from September, and 15 from November. Using the specific identification method, what is the cost of the ending inventory? A) $5518. B) $4940. C) 5675. D) S5832 E) S4913. 17) A company has beginning inventory of ll units at a cost of Sll each on February 1. On February 3, it purchases 21 units at $13 each. 14 units are sold on February 5. Using the periodic FIFO inventory method, what is the cost of the 14 units that are sold? A) $165 B) S175 C) $154 D) S164 E) $160 DS