Date Description # of units Cost per unit January 1 Beginning inventory 190 $ 6 June 2 Purchase 80 $ 5 November 5 Sales 200 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Multiple Choice O Cost of goods sold $1,190; Ending inventory $350 O Cost of goods sold $1,250; Ending inventory $385 O Cost of goods sold $1,120; Ending inventory $420 O Cost of goods sold $1,200; Ending inventory $130Under a periodic inventory system. which inventory costing method generally results in the cost of the first (the oldest) goods purchased being assigned to ending inventory? Multiple Choice 0 Simple average cost 0 Weighted average cost 0 LIFO FIFO If inventory is updated periodically, which of the equations is correct? Multiple Choice 0 Cost of goods sold = Beginning inventory + Purchases Ending inventory Ending inventory = Beginning inventory + Purchases + Cost of goods sold 0 Beginning inventory + Purchases = Ending inventory Cost of goods sold = Beginning inventory + Purchases + Ending inventory FIFO uses the cost for cost of goods sold on the income statement and the cost for inventory on the balance sheet. Multiple Choice 0 oldest, oldest oldest, newest newest; oldest O newest; newest LIFO uses the unit costs for cost of goods sold on the income statement and the unit costs for inventory on the balance sheet. Multiple Choice 0 oldest; oldest newest; oldest O newest; newest oldest; newest Which inventory costing method uses the oldest cost for cost of goods sold on the income statement and the newest cost for inventory on the balance sheet? Multiple Choice 0 SpeCifIc identication Weighted average LIFO O O FIFO 0 If inventory is updated perpetually, which of the equations is correct? Multiple Choice 0 O O O Ending inventory : Beginning inventory + Purchases Cost of goods sold Cost of goods sold : Beginning inventory + Purchases + Ending inventory Cost of goods sold = Beginning inventory Purchases Ending inventory Ending inventory : Beginning inventory + Purchases + Cost ofgoods sold When a company sells goods, it removes their cost from the balance sheet and reports the cost on the income statement as: Multiple Choice O Inventory. Cost of Goods Sold. Selling Expenses. O Finished Goods Inventory. Alphabet Company, which uses the periodic inventory method, purchases different letters for resale. Alphabet had no beginning inventory. It purchased A thru G in January at $6.50 per letter. In February. it purchased H thru L at $8.50 per letter. It purchased M thru R in March at $9.50 per letter. It sold A, D. E, H. J and N in October. There were no additional purchases or sales during the remainder of the year. If Alphabet Company uses the LIFO method, what is the cost of its ending inventory? Multiple Choice 0 $113.50 $57.00 $38.00 0 0 $39.00 0