3. Flex Co. uses a periodic inventory system. The following are inventory transactions for the month of January: 1/1 Beginning inventory 10,000 units at $3 1/5 Purchase 5,000 units at $4 1/15 Purchase 5,000 units at $5 1/20 Sales at $10 per unit 10,000 units Flex uses the LIFO pricing method to determine the value of its inventory. What amount should Flex report as cost of goods sold on its income statement for the month of January? A. $45.000 B. $37,500 C. $40.000 D. $100,000 4. Flex Co. uses a periodic inventory system. The following are inventory transactions for the month of January 1/1 Beginning inventory 10,000 units at $3 1/5 Purchase 5,000 units at $4 1/15 Purchase 5,000 units at $5 1/20 Sales at $10 per unit 10.000 units Flex uses the FIFO pricing method to determine the value of its inventory. What amount should Flex report as cost of goods sold on its income statement for the month of January? A. $30.000 B. $37,500 C. $45,000 D. $100,000 5. At the end of 2014. Company C understated its ending inventory (assume no other errors for 2014). How would this error affect the following financial statement balances for 2014? Cost of Goods Sold for 2014 Total Assets at 12/31/14 Overstated Overstated Overstated Understated Understated Understated Understated Overstated None of the above answers are correct