Date: Class: Name The following units of an inventory item were available for sale during the year Beginning inventory First purchase Second purchase Third purchase 10 units at $55 25 units at $60 30units at $65 15 units at $70 firm uses the periodic inventory system. During the year, 60 units of the item were sold. 6. The value of ending inventory rounded to nearest dollar using average cost is: a. $1,150 b. $1,263 c. $1,375 d. $1,353 7. The value of ending inventory using FIFO is a. $1,375 b.$1,150 c. $1,250 d. $1,350 8. Which of the following methods is appropriate for a business whose inventory consists of a rel of unique, high-cost items? a. spocific identification b. FIFO c. average d. LIFO 9. Too much inventory on hand a. ties up funds that could be used to improve operations b. increases the losses due to price declines c. increases the cost to safeguard the assets