Candy Company engaged in the following transactions during the current year: 1) Started the business by issuing $8,500 of common stock for cash. 2) The company paid cash to purchase $4.500 of inventory. 3) The company sold inventory that cost $2.500 for $6,500 cash. 4) Operating expenses incurred and paid during the year. $3.100. Candy's net income for the year is: $3,800 $3,400 $4.000 $900 Fan Company is preparing its financial statements. Gross margin is normally 40% of sales information taken from the company's records revealed sals of 580.000; beginning inventory of 525.000 and purchases of 535.000. The estimated amount of ending inventory would be 3.560.000 6.512.000 $29.000 d. 524.000, The inventory records for Cookie Co. reflected the following: Beginning Inventory @ July 1 200 units @ $1.00 First Purchase @ July 8 300 units @ $1.10 Second Purchase @ July 15 400 units @ $1.20 Third Purchase @ July 26 100 units @ $1.30 Sales @ July 31 800 units @ $1.50 Determine the amount of cost of goods sold assuming the LIFO cost flow method. a. $1.040 b. $940 c. $1.010 d. 51.140