ABC Company uses a perpetual inventory system. The beginning balance in its inventory account is $1,500 and the ending balance is $1,000. Cost of goods sold is $6,500. What was the amount of inventory purchased during the year? $6,500 $6,000 $7,500 $7,000 Question 40 2 pts ABC Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 80 units that cost $20 per unit. During the current month, the company purchased 480 units at $20 each. Sales during the month totaled 360 units for $43 each. What is the number of units in the ending inventory? 560 units 120 units 200 units 80 units Question 41 2 pts In a period of rising prices, the inventory method which tends to give the highest reported cost of goods sold is Weighted-average cost FIFO Moving-average cost. LIFO