4 Katie Malls has the following inventory transactions for the year 1/1 Beginning Inventory of 20 units at $35/unit, total cost of $700 418 Purchase Inventory of 50 units at $40/unit, total cost of $2.000 Total yearly sales to customers of 60 units at $45 unit, total sales of $2,700 What amount would Madison report for cost of goods sold using LIFO? $2.100 $2,350 $2.300 $2.400 5 Which inventory cost flow assumption generally results in the lowest reported amount for inventory when inventory costs are rising? Specific identification. OFit in, first-out (FIFO). O Lastin, first-out (LIFO).Weighted Average cost. 6 For the year, Sealy Incorporated reports net sales of $50,000, cost of goods sold of $40,000, and an average inventory balance of $5,000. What is Sealy's gross profit ratio? 20% 10% 25% 30% Asterisk indicates required fied Finish