Question 11 2 pts Alice Corporation began the year with $200,000 in inventory. The company reported cost of goods sold of S903,000 for the year. An end of the year count showed $210,000 in inventory. How much inventory was purchased during the year? O $893,000 O $903.000 5913,000 O $703,000 D Question 10 2 pts At the beginning of April, Foster Inc. had $158,000 of inventory on hand. During the first two weeks of April, Foster purchased additional $28,000 in inventory and made sales of $190,000. On April 16, a hurricane hit Foster's warehouse and its entire inventory was destroyed. Foster has an average gross profit percentage of 30 percent. What was the estimated value of the inventory destroyed! O $4,000 O S53,000 O $32,000 $28.000 Question 9 2 pts Allison Corporation sold inventory having original cost of $28 for $50. This was recorded with a debit to cost of goods sold and credit to inventory for $50. Allison uses a perpetual inventory system. Which of the following is true of this transaction? O Sales revenue will be overstated. O Net income will be understated. Retained earnings will be overstated. O Cost of goods sold will be understated. Question 7 Which of the following differ between periodic and perpetual LIFO system? O Cost of goods sold O Total purchases O Total revenues Units in ending inventory