Multi Question (2 questions / 2 Answers)

++A COMPANY HAD INVENTORY ON NOVEMBER 1 OF 5 UNITS AT A COST OF $20 EACH. ON NOVEMBER 2, THEY PURCHASE 10 UNITS AT $22 EACH. ON NOVEMBER 8, 8 UNITS WERE SOLD FOR $55 EACH. USING THE LIFO PERPETUAL INVENTORY METHOD, WHAT WAS THE VALUE OF THE INVENTORY ON NOVEMBER 8 AFTER THE SALE

A: $144 B: 320 C: $154 D: $160

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++ON APRIL 30, 2014, A ONE-YEAR INSURANCE POLICY WAS PURCHASED FOR $1,800 WITH COVERAGE TO BEGIN IMMEDIATELY. WHAT IS THE AMOUNT OF INSURANCE EXPENSES THAT WOULD APPEAR ON THE COMPANY'S INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31?

A: $900 B: $ 1.350 C: $1,200 D: $1,800

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