A company had the following purchases and sales during its first year of operations: Purchases January: 10 units at $120 February: 20 units at $125 May: 15 units at $130 September: 12 units at $135 November: 10 units at $140 Sales 6 units 5 units 9 units 8 units 13 units On December 31, there were 26 units remaining in ending inventory. Using the Periodic LIFO inventory valuation method, what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.) Which of the following statements is not true: Multiple Choice ) Accounts receivable arise from credit sales. Accounts receivable are classified as assets. Accounts receivable are held by a seller. Accounts receivable are increased by billings to customers. Accounts receivable are increased by customer payments. Unearned revenues refer to a(n): Multiple Choice Asset that will be used over time. Expense incurred because a customer has paid in advance. o oo Decrease in an asset. Decrease in an asset Liability that is settled in the future when a company delivers its products or services. Increase in revenues as a result of delivering products or services to a customer. Quick assets are defined as: Multiple Choice o Cash, inventory, and current receivables. o Accounts receivable, inventory, and prepaid expenses. o Cash, short-term investments, and current receivables. o Cash, noncurrent receivables, and prepaid expenses. o Cash, short-term investments, and inventory