A company's inventory records report the following in November of the current year Beginning November 1 Purchase November 2 Purchase November 12 5 units @ $13 10 units e $15 6 unitse $17 On November 8, it sold 12 units for $43 each. Using the LIFO perpetual inventory method, who was the amount recorded in the cost of goods sold account for the 12 units sold? Multiple Choice $192 $317 $176 $270 Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetua/inventory method. 44 units at $20 each June 1 June 15 June 29 Beginning inventory Sale of 36 units for $50 each Purchase 36 units at $25 each The cost of the ending inventory is. Multiple Choice 51,060 $720 $900 51100 A company purchased $1,800 of merchandise on July 5 with terms 2/10, 1/30. On July 7, it returned $200 worth of merchandise. On July 28. it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, The correct Journal entry to record the purchase on July 5 is: Multiple Choice Debit Merchandise Inventory $1600: credit Cash $1,600. Debit Merchandise Inventory $1,800, credit Accounts Payable 51.800. Debit Merchandise Inventory 31,000 credit Sales Returns $200 Credit Cash $1600 Debit Accounts Payable 51,800, credit Merchandise Inventory $1,800 Debit Accounts Payable $1,800, credit Purchase Returns $200. credit Merchandise Inventory $1.600 Pre 1122 12 Novi