36) Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of goods sold? A) specific identification B) weighted average C) last-in, tout D) first , first 37) Under which of the following inventory costing methods is the ending inventory based on the costs of the most recent purchases A) specific entification B) weighted average C) at first out D) fint , first-out Use the following information to solve problems 18 and 39 38) A company purchased 200 units for $30 cach on January 31. purchased 220 units for 533 cach on February 28. It sold a total of 350 units for $45 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company was the first in first out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory A) 52.310 BS C) 52.100 D) SI DO 39) What is the cost of goods sold on December 31 if the company uses FIFO inventory costing method A) SI5.750 B) S10 950 C) $6,000 D) None of the above 40) A company that uses the perpetual inventory system sold goods to a customer account for $2,300.Credit Tennis is 2/10, 30. The cost of the goods sold was $1,150. Which of the following journal entries correctly records this transaction? Cost of Goods Sold Sales Revenue Merchandise Inventory Cost of Goods Sold Accounts Receivable Sales Revence Cost of Cod Sold Merchandise Inventory Accounts Receivable Sales Revenue Kost of Goods Sold Merchandise Inventory 1150