15) Equipment is depreciated because: The value of the equipment has decreased. The usefulness of the equipment has decreased. The cost of the equipment must be matched with the revenue it produces over its useful life. Both a. and b Use the following inventory information to answer questions 16 through 18. 1-May Beginning Inventory 50 units @ $20 / unit 7-May Purchases 18-May Sales 22-May Purchases 29-May Sales 40 units @ $25 / unit 60 units 10 units @ $30 / unit 25 Units 16) Assuming that a perpetual inventory system is used, what is the cost of goods sold on a FIFO basis? $300 $1,875 $425 $2,000 17) Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis? $300 $425 $1,875 $1,900 18) Assuming that a perpetual inventory system is used, what is the cost of goods sold on a Weighted-Average basis? $300 $345 $1,610 $1,955