on Learning Exchange 2021 English (en) Time left 1:26:21 Jerome's Fashion Dezigns sells a variety of items of clothing including footwear for men and uses a perpetual inventory 'system. The business began the last quarter of 2017 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. October 10 October 30 November 1 November 14 November 30 December 2 Purchased 100 pairs of sneakers on account at a cost of $5,945 per pair In addition, Jerome paid $405 in cash on each pair of shoes to have the inventory shipped from the vendor's warehouse to Jerome's showroom During the month 90 pairs were sold at a unit selling price of $8 255 A new batch of 60 pairs was purchased on account at a total cost of $406,500 5 pairs of the sneakers purchased on November 1 were found to be of the wrong description and returned to the supplier The sales for November were 60 pairs of sneakers which yielded total sales revenue of $430 000 Odail Thomas, a customer to whom 10 pairs were sold at the close of business on November 30 returned 4 pairs of the sneakers, as they were of the wrong colour Using the FIFO method, what is the ending inventory balance on November 1, 2017? Quiz 1 10 19 Finis November 1 November 14 November 30 December 2 A new batch of 60 pairs was purchased on account at a total cost of $406,500 5 pairs of the sneakers purchased on November 1 were found to be of the wrong description and returned to the supplier The sales for November were 60 pairs of sneakers which yielded total sales revenue of $430,000. Odail Thomas, a customer to whom 10 pairs were sold at the close of business on November 30, returned 4 pairs of the sneakers, as they were of the wrong colour Using the FIFO method, what is the ending inventory balance on November 1, 2017? O a. 70 pairs valued at $444,500 Ob. 70 pairs valued at $474,250 O c 95 pairs valued at $622,500 O d. 95 pairs valued at $628,750