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20. Pune Corpse ne postane perpetual inventory system. The beginning investy consisted of its that cost 5.20 per unit. During the current month, the company purchased sa 520 each. Sales during the month totaled 300 units for 543 cach. What is the cost of goods sold using the LIFO method A) $1,600 B) S7.200 D) S15,480 21. Under the lower-of-cost-or-market method, the replacement cost of an inventory item would be used as the designated market value A. when it is below the net realizable value less the normal profit margin. B when it is below the net realizable value and above the net realizable value less the normal profil margin. C. when it is above the net realizable value. D. regardless of net realizable value. 22. Ryan Distribution Co, has determined its December 31, 2017 inventory on a FIFO basis at $980,000 Information pertaining to that inventory follows: Estimated selling price $1,020,000 Estimated cost of disposal 40,000 Normal profit margin 120,000 Current replacement cost 900,000 Ryan records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2017, the loss that Ryan should recognize is A) SO. B) $20,000. C) $40,000 D) $80,000. 23. Keen Company's accounting records indicated the following information: Inventory, 1/1/17 Purchases during 2017 Sales during 2017 S 1,800,000 9,000,000 11,400.000 A physical inventory taken on December 31, 2017, resulted in an ending inventory of $2,100,000. Keen's gross profit on sales has remained constant at 25% in recent years. Keen suspects some inventory may have been taken by a new employee. At December 31, 2017, what is the estimated cost of missing inventory? A. $150,000. B. $450,000 C. $600,000 D. $750,000