following units of a particular item were available for sale during the year: Beginning inventory 10 units at $5 February purchase 15 units at S8 June purchase 20 units at S10 November purchase 10 units at $12 There are units of the item counted in the physical inventory at year-end and uhe Periodic Inventory system is used Questions 20 and 21 follow. 20. Determine the ending inventory using LIFO a. $120 S170 d S180 e None of the above 21. Assuming FIFo is used, but on December 31 the unit purchased cost had increased to s15, what is the ending (FIFO) inventory cost? S195 c, $170 d S225 e. None of the above 22. What can you reasonably assume about oil, gas, and chemical companies that report their results using the LIFO cost flow method? a Current Liabilities are understated b Balance Sheet inventories are reported below current replacement values c Inventory values are likely reported too high (i e., above cument cost) d. Reported Sales are understated e. Reported Sales are overstated 23 Consider the following Sales $100,000 Total Merchandise Available to Sell 30,000 Ending Inventory 10,000 What is the gross profit percentage? e. None of the above 24. Which item is reported as a Liability? a Accumulated Depreciation b outstanding checks on bank reconciliation c. Allowance for Accounts da. check. e None of the above 25 How would you describe the account "Goodwill a Reported as current asset because easily converted to cash b Can possibly be recorded by a buyer but only when tmvolving the buyer's purchase of an entire c can be when a sells specific asset its appraised value d Normally expressed purchase of a e eily recorded under certain circumstances by the seller of in corporation least 10 years a which has been