Matthew Gems Limited has the following inventory, purchases, and sales information for the month of December, 2020. Assume that Matthew Gems uses a perpetual inventory system.

Inventory: December 1 200 units at $4.00 $800

Purchases: December 10 500 units at $4.50 $2,250

December 20 400 units at $4.75 $1,900

December 30 300 units at $5.00 $1,500

Sales: December 15 500 units

December 25 400 units

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What is the inventory balance at December 31 in units?

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What is the inventory balance on Matthew Gems books at December 31 assuming Matthew Gems uses the FIFO method of accounting for inventory?

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What amount does Matthew Gems record on their books for Cost of Goods Sold at December 31 assuming Matthew Gems uses the FIFO method of accounting for inventory?

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What is the inventory turnover for the month of December for Matthew Gems Limited assuming they use the FIFO method to account for inventory?

A.500

B.$3,400

C.$2,450

D.2.5

E.400

F.5

G.$4,000

H.900

I.$3.050

J.700