Assume for this question only that the periodic inventory system is used and the weighted-average cost metho Nhat would be the cost of ending inventory? Select one: O a. $78,250 O b. $79,500 O c. $68,750 O di S71579 Which of the following is NOT true? Select one: O a. 325 units were purchased in May 2020 b. The company started the month with more units than it ended with c. There were $245,000 in total sales for the month of May d. The gross profit percentage for the month of May is lower using the FIFO method The gross profit (loss) on the May 24 sale would be equal to: Select one: a. $27,500 using the FIFO method: $25,000 using the Weighted-average cost method O b. $20,000 using the FIFO method; $20,000 using the Weighted-average cost method c. $112,500 using the FIFO method: $115.000 using the Weighted-average cost method O d. $37,500 using the FIFO method; $36,250 using the Weighted-average cost method Office Value Inc's CEO has a meeting with its shareholders in the coming weeks who favour higher asset values over higher net earnings. Which of the following would best serve the company's shareholder needs? Select one: O a. A periodic inventory system b. The weighted average cost method O c. The FIFO cost method d. A perpetual inventory system Use the following information to answers questions 3 to 10: Office Value Inc. is an office supply retailer in Montreal. The company uses a perpetual inventory system and has a December 31 year end. The following schedule relates to the company's inventory for the month of May 2020: Date No. of Units Total Cost Total Sales May 1 Beginning inventory 150 $ 75,000 5 Sale 100 $ 65.000 19 Purchase 50 $ 27500 13 Purchase 200 $120.000 24 Sale 200 $ 140,000 27 Sale 50 $ 40.000 30 Purchase 175 $ 49.500 How many units of inventory are on-hand on May 31, 2020? Select one: O a. 825 O b. 675 O c. 375 d. 125 Using the FIFO method, the cost of sales for the month of May 2020 is equal to: Select one: O a. $192,500 O b. $193.750 O c. $175,000 O d. $245.000 Under the FIFO method, the cost of ending inventory in dollars is equal to: Select one: O a. $78,250 O b. $79,500 O c. $75,000 d. $27.000 Using the Weighted-average-cost method, the cost of sales for the month of May 2020 is equal to: Select one: O a. $193.750 O b. $192,500 O c. $200,421 O d. $245,000