A company purchased 100 units for $40 each on January 31. It purchased 400 units for $30 each on February 28. It sold a total of 450 units for $110 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. $50 OB. $3.500 OC. $1.500 OD. $2.000 A company that uses the perpetual inventory system sold goods to a customer on account on June 30 for $80. The company has the following inventory information: June 1 Beginning Inventory 20 units at 55 each June 10 Purchase 33 units at $6 each June 11 Sale 18 units June 30 Sale 10 units The company uses the Weighted - Average method of inventory costing. Which of the following journal entries correctly records the sale on June 307 (Round any intermediate calculations and your final answer to the nearest cent.) 80 80 O A. Sales Revenue Accounts Receivable Cost of Goods Sold Merchandise Inventory 150 150 80 80 OB. Cash Sales Revenue Cost of Goods Sold Merchandise Inventory 56.20 56 20 80 80 O C. Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 101.16 101.16 80 80 OD. Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory 56.20 56 20 A company using the perpetual inventory system purchased inventory worth $16,000 on account with credit terms of 4/10, n/30. Defective inventory was received, but instead of a return, an allowance of S1,600 is given. The allowance is granted before the invoice is paid. The journal entry to record the allowance would be OA. $1,536 debit to Merchandise Inventory and $1,536 credit to Accounts Payable OB. $1,536 debit to Accounts Payable and $1,536 credit to Merchandise Inventory OC. $1,600 debit to Accounts Payable and $1,600 credit to Merchandise Inventory OD. $1,600 debit to Merchandise Inventory and $1,600 credit to Accounts Payable A company using the perpetual inventory system purchased inventory worth $12,000 on account with credit terms of 2/15, n/30. Defective inventory was received, but instead of a return, an allowance of $1,300 is given. The allowance is granted before the invoice is paid. The journal entry to record the allowance would be O A. $1,274 debit to Accounts Payable and $1,274 credit to Merchandise Inventory OB. $1,300 debit to Merchandise Inventory and $1,300 credit to Accounts Payable OC. $1,300 debit to Accounts Payable and $1,300 credit to Merchandise Inventory OD. $1,274 debit to Merchandise Inventory and $1,274 credit to Accounts Payable