MULTIPLE CHOICE Instructions: Circle the best answer for each of the following questions 1. The following units of a particular iten were purchased and sold during the period: Beginning inventory First purchase Sale Second purchase.. Sale Third purchase.... Sale 100 units at $5.00 150 units at $6.00 100 units 100 units at $6.60 80 units 30 units at $7.00 60 units What is the total cost of the 140 units on hand at the end of the period, as determined under the perpetual inventory system by the lifo costing method? a. $700 b. $740 c. $830 d. $861 2. Assuming the data given in No. 1, determine the total cost of the 140 units on hand at the end of the period assuming a perpetual inventory system and the fifo costing method. a. $700 b. $740 C. $830 d. $861 3. Assuming the data given in No. 1, determine the total cost of the 140 units on hand at the end of the period assuming a periodic inventory system and the lifo costing method. a. $700 b. $740 c. $830 d. $861 4. Assuming the data given in No. 1, determine the total cost of the 140 units on hand at the end of the period assuming a periodic inventory system and the fifo costing method. a. $700 b. $740 c. $830 d. $861