18. Beginning inventory, purchases and sales data for tennis rackets are as follows: a $25 $27 Apr 3 11 14 21 25 Inventory Purchase Sale Purchase Sale 12 units 13 units 18 units 9 units 10 units $30 Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold and ending inventory under Last-in, first-out: a. cost of merchandise sold $771; ending inventory $150 b. cost of merchandise sold $120; ending inventory $621 c. cost of merchandise sold $621; ending inventory $145 d. cost of merchandise sold $150; ending inventory $771 19. The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at $50 First purchase 25 units at $55 Second purchase 30 units at $60 Third purchase 15 units at $65 The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the first-in, first-out method? a. $1,250 b. $1,150 $1,275 d. $1,050 20. Under a periodic inventory system a. accounting records continuously disclose the amount of inventory b. a separate account for each type of merchandise is maintained in a subsidiary ledger a physical inventory is taken at the end of the period d. merchandise inventory is debited when goods are returned to vendors c. c