7&8) Assume the following 2020 inventory information: Units Unit Cost Beginning Inventory 300 $10.00 Purchases: 3/5 500 $11.50 7/12 400 12.00 10/18 500 12.50 12/22 250 13.00 Units Sold 1,550 7. How much was ending inventory assuming use of the weighted average method? a) $4,150 b) $5,125 c) $4,728 d) $17,925 8. How much was OGS assuming use of the FIFO method? a) $18,900 b) $18,322 c) $23,050 d) $17,925 9-10) Assume the information in 7-8 and the following additional per unit inventory information: Selling price $15 Selling expense 4 Normal profit 2 Replacement cost 8 9. How much of an adjustment must be made to inventory @ 12/31/20 under the LCM or LCNRV methods assuming the LIFO method was used to calculate ending inventory? a) $250 b) $550 c) 8725 d) $1,128 10. How much of an adjustment must be made to inventory @ 12/31/20 under the LCM or LCNRV methods assuming the FIFO method was used to calculate ending inventory? a) $250 b) $550 c) $725 d) $1,128 11. JOP Inc purchased equipment for $150,000 on 10/1/19 and sold it for $60,000 on 1/1/21. The equipment has an estimated useful life of 5 years and salvage value of $10,000. JOP uses the double declining balance depreciation method. How much is the gain or loss on the sale of the equipment? a) $21,000 loss b) $15,600 loss c) S6,000 gain d) $9,600 gain