17. A company purchased inventory as follows: 150 units at $6 350 units at $7 The average unit cost for inventory is a $6.00 b. $6.50 c. $6.70 d. $7.00 18. Which of the following often parallels the actual physical flow of merchandise? a LIFO b. Dollar-value LIFO C Average-cost d. FIFO 19. Cost of goods available for sale consists of which two elements? a. The cost of beginning inventory and the cost of ending inventory b. The cost of ending inventory and the cost of goods purchased during the year c. The cost of beginning inventory and the cost of goods purchased during the year d. The difference between the costs of goods purchased and the cost of goods sold during the year 20. Which of the following statements is correct with respect to inventories? aThe FIFO method assumes that the costs of the earliest goods acquired are the last to be sold b. it is generally good business management to sell the most recently acquired goods first c. Under FIFO, the ending inventory is based on the latest units purchased. d. FIFO seldom coincides with the actual physical flow of inventory