24. Cost of goods sold is computed from the following equation: a. b. C. d. Beginning inventory-cost of goods purchased + ending inventory. Sales-cost of goods purchased + beginning inventory ending inventory Sales+gross profit-ending inventory + beginning inventory. Beginning inventory + cost of goods purchased - ending inventory. 25. In a period of increasing prices, which inventory flow assumption will result in the lowest amount of income tax expense? a. b. C. d. FIFO LIFO Average Cost Income tax expense for the period will be the same under all assumptions. A company just started business made the following four inventory purchases in June: June 1 150 units June 10 200 units June 15 200 units June 28 150 units $ 750. 1,200. 1,260. 990. 4,200. A physical count of merchandise inventory on June 30 reveals that there are 300 units on hand