Acme-Jones Corporation uses a LIFO perpetual inventory system. August 2, 33 units were purchased at $16 per unit. August 5, 18 units were purchased at $14 per unit. August 15, 20 units were sold at $41 per unit. August 18, 23 units were purchased at $15 per unit. What was the amount of the cost of go sold? Multiple Choice O $261.00 O $284.00 O $300.00 $304.10 O $320.00 A company's warehouse was destroyed by a tornado on March 15. The following information was salvaged from the ruins: Inventory, beginning: $30,000 Purchases for the period: $18,500 Sales for the period: $59,000 Sales returns for the period: $770 The company's average gross profit ratio is 35%. What is the estimated cost of the lost inventory? Multiple Choice $27,349.5 $10,650.5 O $47,500 O $48,500 $31,525 On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available: Beginning inventory, July 1: $4,700 Net sales: $47,000 Net purchases: $51,500 The company's gross margin ratio is 20%. Using the gross profit method, the cost of goods sold would be: Multiple Choice O $28,000 O $4,700 O $32,700 O $37,600 O $9,200