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u ul te ell Lell phones must be turned off and put away. If you are leaving the room for a few minutes, you need to leave your cell phone with the proctor Consider the following information: ending inventory, $28,000; sales revenue $290,000, beginning invent 1 ng and administrative expenses, $68,000, and purchases, $110,000. What is cost of goods sold? A $112,000 B $110,000 C. $178,000 D $198,000 The inventory costing method selected by a company affects all of the following except: A. Statement of cash flows B. The balance sheet C. The income statement D. The statement of retained earnings 2. Use the following information to answer questions 3 and 4: Consider the following information: beginning inventory, 20 units purchased at $18 each; first purchase, 35 units @ $22 per unit; second purchase 45 units @ #24 per unit; 60 units were sold. What is cost of goods sold using FIFO method of inventory costing? A. $1,410 B. $1,250 C. $960 D. $800 3. E. None of the above. What is ending inventory under LIFO method of inventory costing? A. $1,410 B. $800 C. $960 D. $1,250 4: E. None of the above. 5. Assume the economy is going through a rapid inflationary cycle. Which one of the following inventory costing methods is likely to produce the highest income and highest inventory amounts A. FIFO B. Weighted Average C. LIFO D. None of the above