4. The inventory records for Rain Co. reflected the following: Beginning Inventory @May 1 First Purchase@May 7 Second Purchase @May 17 Third Purchase @May 23 Sales@ May 31 200 units @ $1.00 300 units @ $1.10 400 units@ $1.20 100 units @ $1.30 900 units@ $1.50 Determine the amount of cost of goods sold assuming the LIFO cost flow method. a. $1,140 b. $1,040 c. $1,000 d. $940 When preparing its quarterly financial statements, Potter Co. uses the gross margin method to estimate ending inventory. The following information is available for the Ist quarter of 2009: 5. Beginning inventory Purchases Sales Estimated gross margin percentage $250,000 720,000 1,215,000 35% What was Potter's estimated inventory on March 31, 2009? a. $180,250 b. $439,500 c. $789,750 d. $119,500