Miller's Fashion House sells a variety of items of clothing including footwear for men. The business began the last quarter of 2014 with 25 pairs of the "Jordan brand at a total cost of $152,500. The following transactions, relating to the Jordan brand, took place during the quarter. Using the FIFO method, the value of purchases and COGS after accounting for the transaction on November 1, 2014 are: Select one: A. $1,041,500 and $742,500 B. $1,194,000 and $571,500 C. $1,041,500 and $565,250 D. $1,194,000 and $742,950 Miller's Fashion House sells a variety of items of clothing including footwear for men. The business began the last quarter of 2014 with 25 pairs of the "Jordan brand at a total cost of $152,500. The following transactions, relating to the Jordan brand, took place during the quarter. Using the FIFO method, what is the ending inventory balance at November 1, 2014? Select one: A. 95 pairs valued at $622,500 B. 95 pairs valued at $628,750 C. 70 pairs valued at $444,500 D. 70 pairs valued at $474,250 Miller's Fashion House sells a variety of items of clothing including footwear for men. The business began the last quarter of 2014 with 25 pairs of the "Jordan brand at a total cost of $152,500. The following transactions, relating to the Jordan brand, took place during the quarter. What is the accounting treatment if we are using the FIFO method for the transaction on November 14, 2014? Select one: A. 5 pairs would be taken out of COGS at a rate of $6,775 per pair. B. 5 pairs 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 $6,775 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 last quarter of 2014 with 25 pairs of the "Jordan brand at a total cost of $152,500. The following transactions, relating to the Jordan brand, took place during the quarter. What is the accounting treatment if we are using the FIFO method for the transaction on December 2, 2014? Select one: A. 4 pairs would be taken out of COGS at the LIFO rate and inventory ending balance would be increased. B. 4 pairs would be taken out of purchases at a rate of $6,775 per pair and the inventory ending balance would be decreased. C. 4 pairs would be taken out of COGS at a rate of $6,775 per pair and inventory balance would be increased. D. 4 pairs would be taken out of COGS at a rate of $6,350 per pair and inventory balance

would be increased