Georgia Co. had beginning inventory of $800 and ending inventory of $400. The cost of goods sold was $3,200. Based on this information, Georgia Co. must have purchased inventory amounting to: a. $3,200. b.$4,400. c. $2,800. d. $3,600. QUESTION 25 Which of the following statements is true regarding inventory reporting? a. The balance sheet is not impacted by fraudulent'inventory reporting. b. There is little to no potential for fraud in inventory accounts. Oc Cost of goods sold and Inventory accounts are attractive targets of fraud. d. There are no adequate methods of record keeping for inventory. QUESTION 26 Which of the following inventory costing methods is approved by GAAP? a. FIFO b. LIFO c. Weighted average. d. All of these