Merchandise inventory available at the beginning of the period + net purchasesmerchandise inventory at the end of the period = Purchases purchases returns and allowances Cost of Goods Sold gross profit Question 47 ( 2 points) The merchandise costing method that matches the cost of recent items purchased against the current sales revenue is called FIFO LIFO specific identification average cost Question 48 ( 3 points) If net purchases are $95,000 and ending inventory is $23,000 which is $2,000 more than beginning inventory, how much was cost of goods sold? $72,000$118,000$120,000$93,000