During the month of April, McDonall, Inc. purchased inventory from its vendor for $2,000 and incurred shipping costs of $100 for the goods to be delivered to McDonall's warehouse. When McDonall sold all of this inventory on April 30, McDonall also paid $200 in sales commissions to employees and paid $120 in freight-out charges to deliver the inventory sold to customers. How much did McDonall record in April as Cost of Goods Sold? $2,300 $2,100 O $2,000 O $2,420 Which term below describes the type of income statement that reports a series of subtotals such as gross profit, operating income, and income before taxes? O Multiple-Step Classified Single-Step O Subtotaled On September 1, Mace purchased inventory costing $2,000 on account with terms 2/10, n/30. Mace paid this invoice on September 5. What is the amount that Mace will include in its Inventory account for these units of inventory? O $1,960 O $2,000 O $1,400 $2,040 Inventory records for Ruth Corp. revealed the following: Number Unit Transaction Total Cost of Units Cost Sept. 1 Beginning inventory 20 $2.00 $40 Sept. 10 Purchase 15 3.00 45 Sept. 23 Purchase 15 6.00 90 Ruth Corp. sold 30 units of inventory on September 25. Use the weighted average cost method for inventory accounting and round weighted average unit cost to four decimals, if necessary. What amount would Ruth Corp. record as cost of goods sold? O $70 $105 O $110 O $73 In a period of increasing inventory costs, the inventory method that most likely results in the highest ending inventory balance is: Weighted-Average cost All inventory methods result in the same ending inventory balance O FIFO OLIFO