#20 Smart Phones, Inc. had the following balances and transactions during 2019.

Beginning Inventory

June 10

December 30

December 31

10 units at $74

Purchased 20 units at $77

Sold 15 units

Replacement cost $79

The company maintains its records of inventory on a perpetual basis using the last - in, first - out inventory costing method. Calculate the amount

of ending Merchandise Inventory at December 31, 2019 using the lower - of - cost - or - market rule. (Round any intermediate calculations two

decimal places, and your final answer to the nearest dollar.)

O A. $740

O B. $1,155

O C. $1,125

O D. $1.185

#21 Classic Autos specializes in selling gently used specialty sports cars and uses the specific identification method of determining ending inventory

and cost of goods sold. Item 507K was sold for $90,000. Classic purchased the sports car for $54,000 and paid $1,700 for freight in and $1,300 for

freight out. What is the cost of goods sold?

O A. $55,300

B. $34,300

0

C. $54.000

0 D. $55.700

#22Classic Autos specializes in selling gently used specialty sports cars and uses the specific identification method of determining ending inventory

and cost of goods sold. Item 507K was sold for $90,000. Classic purchased the sports car for $54,000 and paid $1,700 for freight in and $1,300 for

freight out. What is the cost of goods sold?

O A. $55,300

O B. $34.300

O C. $54.000

O D. $55,700