Please answer these 7 questions with explanation.

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28. Baker Fine Foods has beginning inventory for the year of $12,000. During the year, Baker purchases inventory sold equal to: for $150,000 and ends the year with $20,000 of inventory. Baker will report cost of goods A. $150,000 B. $158,000. C. $142,000 D. $170,000 29. Given the information below, what is the gross profit? Sales revenue Accounts receivable Ending inventory Cost of goods sold Sales Retuns $320,000 50,000 250,000 20,000 A. $250,000. B. $70,000 $220,000. D. $50,000. 30. Which of the following is true regarding LIFO and FIFO1? A. In a period of decreasing costs, LIFO results in lower total assets than FIFO B. In a period of decreasing costsLIFO results in lower net income than FIFO c. In a period of rising costs, LIFO results in lower net income than FIFO. D. The amount reported for COGS is based on net realizable value of inventory if LIFO is used. Ctrl AIf 1. In a period of rising costs, which inventory valuation method would a company likely choose if they want to have the highest possible balance of inventory on the balance sheet? A. Weighted-average cost. B. FIFO. C. LIFO. D. Periodic 32-34. During 2018, Liberty Company has the following inventory transactions Date Transaction Units Cost Total Cost Jan. 1 Beginning 10 $430 $4,300 inventory Apr. 9 Purchase Oct. 4 Purchase 22 470 10,340 18 4007.200 $21,840 50 Jan. 1Sales Dec. 31 Required Using FIFO with a periodic inventory system, calculate cost of goods sold, ending inventory 35-37. During 2018, Liberty Company has the following inventory transactions. Date Transaction Jan. 1 Beginning Units Cost Total Cost 10$430 $4,300 inventory Apr. 9 Purchase Oct. 4 Purchase 22 470 10,340 18 400 50 7,200 $21,840 an. 1-Sales Dec. 31 Required Using LIFO with a periodic inventory system, calculate cost of goods sold, ending inventory 38-40. During 2018, Liberty Company has the following inventory transactions. on Units Cost Total Cost 430 $4,300 Date Transaction Jan. 1 Beginning Apr. 9 Purchase Oct. 4 Purchase 22 47010,340 18 400 7200 $21,840 50 Jan. 1- Dec. 31 Sales Required Using Weighted Average with a periodic inventory system, calculate cost of goods sold, ending inventory