28. Refer to the above data. Assuming that Crawford uses the FIFO flow assumption, it should record this inventory shrinkage by A) Crediting Cost of Goods Sold S9,500. B) Debiting Cost of Goods Sold $9,000 C) Crediting Cost of Goods Sold $9,000 D) Debiting Cost of Goods Sold $9,500. 29. Refer to the above data Under the FIFO flow assumption, the cost of these items to be included in inventory in the company's year-end balance sheet is A) $46,000. B) $47,000. C) $46,500. D) Some other amount. 30. Refer to the above data. Under the LIFO flow assumption, the cost of this item to be as inventory in the company's year-end balance sheet included A) $46,000. B) $47,000, C) $46,500. D) Some other amount is: Use the following to answer questions 31-36: Charlotte, Inc. uses a periodic inventory system. The purchases of a particular product during the year are shown below an. 1 Feb 7 July 10 Nov 25 Beginning inventory Purchase Purchase Purchase Total 1,200 units @ $8.00- s 9,600 12.325 14,400 1 1,450 units $8.50 1,600 units @ $9.00- 1.000 units@ $9.50950 5.250 .525 At December 31 the ending inventory consisted of 2,000 units. 31. Refer to the above data. Compute the cost of the ending inventory based on the LIFO method of inventory valuation A) $18,500. B) $29,425. c) $16,400, D) $27.325 32. Refer to the above data Compute the cost of goods sold for the current year Page 6