6. Of the four inventory methods FIFO, LIFO, Average Cost and Specific Identification which method means the first item that is bought is the first item sold"? A. FIFO B. LIFO C. Average Cost D. Specific Identification 7. Co. E has the following units of beginning inventory and purchases for the year: beginning inventory 300 units at $30 each and a 2/28 Purchase 300 units at $40 each. Using the LIFO method, if the ending inventory is 200 units, what is the cost of the ending inventory? A. 12,000 B. 8.000 C C . 6.000 D. 4.000 E. None of the above 8. Of the four inventory methods FIFO, LIFO, Average Cost and Specific Identification which method means the "the cost of the ending inventory is based on the average cost of the total units available for sale! A. FIFO CB. LIFO C. Average Cost C D . Specific Identification 9. Co. T has the following beginning inventory, purchases and ending inventory: Beginning inventory 100 units at $10 cach. Purchase 6/1 500 units at $15 each, Purchase 9/1 400 units @ 20 each, and ending inventory 400 units. If the average cost per unit is $16.50, using the average cost method, what is the cost of the ending inventory? CA. 10000 B. 6600 C. 4950 CD. 3300 C E. None of the above C 10. Co. S has the following beginning inventory, purchases and ending inventory: Beginning inventory 100 units at $10 each, Purchase 6/1 200 units at $15 each, Purchase 9/1 300 units 20 each, and ending inventory 400 units. How many units did Co. X sell (total sales) during the year? A. 1.000 B.600 C. 500 D. 300 E. None of the above