QUESTION 1 A company just starting in business purchased three merchandise inventory units at the following prices. First unit purchase $76; Second unit purchase $78; Third unit purchase $80. After the purchase of three units, If the company sold two units totaling sales amount of $240 and used Average Costing Method, the closing inventory at the end of the period would be $78. $80. $76. S6. QUESTION 12 On July 9, Elijah Company sells goods on credit to Miley Company for $7,000, terms 1/10, n/60. Elijah receives payment on July 18. The entry by Elijah on July 18 is: Cash 7,000 Sales Discounts 70 Accounts Receivable 6,930 7,070 Cash Sales Discounts Accounts Receivable 70 7,000 Cash 6930 Sales Discounts 70 Accounts Receivable 7,000 Cash 7,000 Accounts Receivable 7,000 Click Save and Submit to save and submit. Click Save All Answers to save all answers, Save All Answers MacBook Pro