A company purchased 90 units for $20 each on January 31. It purchased 180 units for $25 each on February 28. It sold 180 units for $60 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system) OA. B. OC. OD, $4,500 $6.300 $1,800 $4,050 In computing the lower-of cost or-market, current replacement cost is the cost to replace the inventory on hand. O True False Handbags, Inc. had 400 units of inventory on hand at the end of the year. These were recorded at a cost of $14 each using the last-in, first-out (LIFO) method. The current replacement cost is $10 per unit. The selling price charged by Handbags, Inc. for each finished product is $17. In order to record the adjusting entry needed under the lower of-cost-or-market rule, the Cost of Goods Sold will be O A. debited by $1,600 B. redited by $1,600 C. credited by $4,000 O D. debited by $4,000