QUESTION 16 1. Information for Questions 16 and 17: The Cougar Clothing Store (CCS) purchased inventory on a particular item as follows: August 10: 200 units at $5.00 August 20: 500 units at $10.00 August 30: 800 units at $15.00 CCS had no beginning inventory for the item and has 500 units on hand as of August 31. Assume that the specific identification method is used and that the ending item inventory consists of 100 units from the August 10 purchase, 300 units from the August 20 purchase, and 100 units from the August 30 purchase. : The value of the ending item inventory is closest to: a. $4,000 b. $7,500 c. $5,000 d. $13,000 QUESTION 17 1. Information for Questions 16 and 17: The Cougar Clothing Store (CCS) purchased inventory on a particular item as follows: August 10: 200 units at $5.00 August 20: 500 units at $10.00 August 30: 800 units at $15.00 CCS had no beginning inventory for the item and has 500 units on hand as of August 31. Assume that the specific identification method is used and that the ending item inventory consists of 100 units from the August 10 purchase, 300 units from the August 20 purchase, and 100 units from the August 30 purchase. : The item cost of goods sold (COGS) for August is closest to: a. $4,000 b. $13,000 c. $7,500 d. $5,000