A company purchased 100 units for $40 each on January 31. It purchased 300 units for $30 each on February 28. It sold a total of 370 units for $90 each from March 1 through December 31. If the company uses the last - in, first-out inventory costing method, calculate the cost of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.) O A. $30 B. $1,500 C. $1,200 D. $900 A company using the perpetual inventory system purchased inventory worth $12,000 on account with credit terms of 1/15, n/30. Defective inventory was received, but instead of a return, an allowance of $500 is given. The allowance is granted before the invoice is paid. The journal entry to record the payment after the allowance and within the discount period would be O A. $11,500 debit to Accounts Payable; $11,385 credit to Cash and $115 credit to Merchandise Inventory B. $115 debit to Merchandise Inventory and $11,385 debit to Accounts Payable: $11,500 credit to Cash C. $11,500 debit to Accounts Payable and $11,500 credit to Cash OD. $11,500 debit to Cash and $11,500 credit to Accounts Payable