Question 17 2.5 pts Which of the following items does NOT represent a product cost and is therefore not includable in the value of inventory on the balance sheet of a company? All of these costs are includable in the value of inventory on the balance sheet. Insurance cost paid by the company (buyer) to protect the inventory while in transit to the company. Transportation in cost paid by the company (buyer) on merchandise purchased from suppliers. Transportation-out cost paid by the company on goods sold and delivered to customers. Question 18 2.5 pts When the costs of inventory purchases by a company are falling but sales prices to customers of that company remain constant, LIFO will result in higher gross margin, higher net income and a lower ending inventory valuation than will FIFO LIFO will result in higher net income and a higher ending inventory valuation than will FIFO, but gross margin will be the same under both FIFO and LIFO. LIFO will result in higher gross margin, higher net income and a higher ending inventory valuation than will FIFO. LIFO will result in lower gross margin, lower net income and a lower ending inventory valuation than will FIFO. Using the following information from the inventory records of Robinson Co., answer questions 19- 21: Beginning Inventory March 1 50 units @ $5.00 cost per unit. Purchases First Purchase: March 7 200 units @ $5.10 cost per unit. Second Purchase: March 19 500 units @ $5.40 cost per unit. Third Purchase: March 22 300 units @ $5.50 cost per unit. Sales: SALES on March 31 800 units @ $8.00 selling price per unit. 19. Determine the amount of cost of goods sold assuming the LIFO cost flow method. 19. Determine the amount of cost of goods sold assuming the LIFO cost flow method. $4,220 $4,400 $4,310 $4,350 D Question 20 2.5 pts Using the information provided in Question 19, determine the amount of ending inventory assuming the FIFO cost flow method. $ 1,100 $ 1,375 O $ 1.250 $ 1,270 Question 21 2.5 pts Using the information provided by Question 19, determine the amount of gross margin assuming the FIFO cost flow method. $2,000 $2,155 $2.130 O $2,400