QUESTION 16 Classic Floors has the following inventory data July 1 30 units at $6.00 Beginning inventory Purchases Sale Purchases Sale 120 units at $6.60 14 21 30 80 units 60 units at $7.20 56 units Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July? O $931.20 O $1,404.00 O $708.00 $472.80 QUESTION 17 An overstatement of the beginning inventory results in O no effect on the period's net income O an overstatement of net income O an understatement of net income O a need to adjust purchases