Office Value Inc. is an office supply retailer in Montreal. The company uses a perpetual inventory system and has a December 31 year end. The following schedule relates to the company's inventory for the month of May 2020: Date No. of Units Total Cost Total Sales May 1 Beginning inventory 150 $ 75,000 5 Sale 100 $ 65,000 9 Purchase 50 $ 27,500 13 Purchase 200 $120,000 24 Sale 200 $140,000 27 Sale 50 $ 40,000 30 Purchase 75 $ 49,500 7 of 38 Assume for this question only that the periodic inventory system is used and the weighted average cost method. What would be the cost of ending inventory? Select one: O a. $78,250 O b. $79,500 c. $68,750 d. $71,579 Unsure 8 of of 38 The gross profit (loss) on the May 24 sale would be equal to: Select one: a. $27,500 using the FIFO method; $25,000 using the Weighted average cost method b. $20,000 using the FIFO method; $20,000 using the Weighted average cost method O c. $112,500 using the FIFO method; $115,000 using the Weighted average cost method O d. $37,500 using the FIFO method; $36,250 using the Weighted-average cost method of 38 Office Value Inc's CEO has a meeting with its shareholders in the coming weeks who favour higher asset values over higher net earnings. Which of the following would best serve the company's shareholder needs? Select one: a. A periodic inventory system b. The weighted average cost method c. The FIFO cost method O d. A perpetual inventory system Unsure 038 of 38 Which of the following is NOT true? Select one: O a. 325 units were purchased in May 2020 b. The company started the month with more units than it ended with c. There were $245,000 in total sales for the month of May d. The gross profit percentage for the month of May is lower using the FIFO method