Help ord File Edit View Insert Format Font Tools Table Window In a periodic inventory system.docx m. - 1 Q. Search in Document Charts SmartArt Review Document Elements Tables Paragraph Styles Insert Layout Font 12 Themes A.P. Styles ABE Themes Text Box 16 12 13 14 October 10 Purchased 100 pairs of shoes on account at a cost of $5,945 per pair. In addition Miller paid $405 i cash on each pair of shoes to have the inventory shipped from the vendor's warehouse to the Miller's showroom. October 30 During the month 90 pairs were sold at a unit selling price of $8,255. November 1 A new batch of 60 pairs was purchased on account at a total cost of $406,500 November 14 5 pairs of the sneakers purchased on November 1 were found to be of the wrong description and returned to the supplier November 30 The sales for November were 60 pairs of sneakers which yielded total sales revenue of $430,000. December 2 Peter Fuller, a customer to whom 10 pairs were sold at the close of business on November 30. returned 4 pairs of the sneakers, as they were of the wrong colour. What is the accounting treatment if we are using the FIFO method for the transaction on November 14, 2014? Select one: 5 pairs would be taken out of COGS at a rate of S6,775 per pair. B. Spairs would be taken out of COGS at the FIFO rate and inventory ending balance would be increased. c. 5 pairs would be taken out of COGS at a rate of 56,775 per pair and inventory balance would be increased. D. 5 pairs would be taken out of purchases at a rate of $6,775 per pair and the inventory ending balance would be decreased Miller's Fashion House sells a variety of items of clothing including footwear for men. The business began the Inst quarter of 2014 with 25 pairs of the Jordan" brand at a total cost of $152.500. The following transactions, relating In the Jordan brand took place during the quarter