25) Golden Co. has the following data related to an item of inventory: Inventory, March 1 300 units @ $2.10 Purchase, March 7 1,400 units @ $2.20 Purchase, March 16 Inventory, March 31 280 units @ $2.25 500 units The value assigned to cost of goods sold if ABC uses LIFO is? 26) Giant Company uses the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units that cost $12 each. During the month, the company made two purchases: 3,000 units at $13 each and 12,000 units at $14 each. Giant also sold 10,000 units during the month. Using the LIFO method, what is the ending inventory? 27) The following information applied to Star, Inc. for 2021: Merchandise COSTS Purchase retu Star's 2021 inventor 00 8,000 5,000 3,000 vas? 28) The gross profit method may not be used on an annual report. However, it may be used on an interim financial statement. (True/False) 29) Dallas Inc. has a gross profit rate of 25% of cost. The beginning inventory was $30,000, purchases were $400,000 and sales amounted to $800,000. Determine the cost of ending inventory. 30) ABC Company uses the Retail-FIFO cost method. The following information was included in ABC Company's data. Beginning inventory $ 196,000 Purchases Freight-in Net markups Net markdowns Sales Cost Retail $ 250,000 896,000 1,280,000 24,000 80,000 60,000 1,300,000 The FIFO cost of the inventory should be