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Jensen Company had the following inventory data for the year Jan. 1 Beginning inventory 1.000 units @ $2 - $2.000 Mar. 15 Purchase 5,000 units @ $2.50 - $12.500 June 30 Purchase 4,000 units @ $3 - $12,000 Oct. 1 Purchase 6,000 units @ $3.50 - $21.000 On December 31, there are 2,000 units of the item in the physical inventory. Calculate cost of goods sold for the year assuming Jensen uses weighted average cost. (Round average cost per unit to four decimal places. Round cost of goods sold to the nearest dollar) $5,938 O 541,563 $38.500 $47.500 Which of the following statements is true during a period of rising purchase prices? Using LIFO will result in lower cost of goods sold and higher gross pront. Using LIFO will result in lower cost of roods sold and lower gross pront Using LIFO will result in higher cost of goods sold and higher gross profit Using LIFO will result in higher cost of goods sold and lower jou proht