Question 20 Use the following information for the month of May: Not yet answered Points out of 3.00 May 1 Beginning inventory 20 units @ $21 7 Purchases 30 units @ $20 18 Sales 35 units 22 Purchases 25 units @ $19 29 Sales 10 units Flag question Assuming that a perpetual inventory system is used, what is ending inventory on a LIFO basis? Select one: a. $600 b. $620 c. $585 d. $575 e. $610 Given the following data, how would taxable income change if periodic LIFO is used rather than periodic FIFO? Question 21 Not yet answered Points out of 3.00 Beginning Inventory Purchases Units Sold 2,500 units at $25 2,000 units at $30 1.700 Flag question Select one: a. Decrease by $8,500 b. Increase by $9,000 c. Decrease by $9,000 d. Increase by $12,500 e. Decrease by $12,500