19. Charlene Cosmetics Company just began business and made the following four inventory purchases in Junes 150 units 200 units 200 units 150 units $ 780 1,170 1,260 June1 June 10 June 15 June 28 reveals that there are 210 units on hand. Using the average cost A physical count of merchandise inventory on June 30 method, the amount allocated to the ending inventory on June 30 is A) $1,229 B) $1,368. $1,323 D) $1,260. 20. A decline in a company's gross profit could be caused by all of the following except A) selling products with a lower markup B) clearance of discontinued Inventory C) paying lower prices to its suppliers. D) increa sing competition resulting in a lower selling price. 21. The selection of an appropriate inventory cost flow assumption for an individual company is made by A) the external auditors B) the SeC C) the internal auditors. D) management The LIFO inventory method assumes that the cost of the latest units purchased are A) the last to be allocated to cost of goods sold. B) the first to be allocated to ending inventory C) the first to be allocated to cost of goods sold. D) not allocated to cost of goods sold or ending inventory. . business $ 780 1,170 1,260 150 units 200 units 200 units 150 units June1 June 10 June 15 June 28 of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is A) $1,092 B) $1,131 C) $1,386 D) $1,368 re is often assigned to 24. In large companies, the independent intemal verification procedure is of A) computer operators C) internal auditors. D) outside CPAs 25. Casin Company sells $700 of merchandise on account to Delta Exploration with credit terms of 2/10, n/30. If Delta s check? Exploration remits a check taking advantage of the discount offered, what is the amount of Delta A) $490 B) $686 C) $630 D) $560