Problem 1: The Shogun Company sells retail products across the United States of America. The following is information on inventory, purchase, and sales for the current year. Assume that the company sales totaled 240 units. Units Purchase Price Beginning inventory 90 $9 Purchase #1 110 $11 Purchase #2 75 $12 Purchase #3 85 $13 3. If FIFO is used as a method for evaluating inventory, then the company's balance sheet will show the ending inventory account at a value of: * O A) $1,140 O B) $1,341.6 OC) $1,525 OD) None of the above 4. When using FIFO method for evaluating inventory: * O A) COGS value is understated on the income statement O B) The cost of inventory is matched with current selling prices. OC) Ending inventory on the Balance Sheet is understated OD) Both B&C O E) None of the above