Choose the best responses and place them in the space provided at the end. 1. The inventory records for Bracken Sales appear below: Inventory Beg. Bal. (20 units @ $40) 800 Purchases Cost of Goods Sold (150 units @ ?) No. 1: (100 units @ $60) 6,000 No. 2: (80 units @ $80) 6,400 Using the average-cost method, what is the weighted average unit cost? A. $54.67 B. $60.00 C. $66.00 D. $68.89 Refer to Question 1. Using the average-cost method, what is the cost of goods sold? A. $9,900 B. $2,870 C. $7,000 D. $9,000 Refer to Question 1. What value is assigned to the ending inventory, if using FIFO? A. $9,200 B. $10,600 C. $2,600 D. $4,000 Gross profit plus cost of goods sold equals: A. sales revenue. B. purchases. C. beginning inventory. D. ending inventory Cost of goods sold: A. will always be lower when using LIFO rather than FIFO, during a period of rising prices. B. will be the same amount when using LIFO or FIFO, during a period of rising prices. C. is the number of units of inventory sold multiplied by cost per unit of inventory. D. is the number of units of inventory purchased multiplied by cost per unit of inventory