> Question 22 In a perpetual averaging system, a new average is computed every time a purchase is made. O True O False Question 21 LIFO provides a better matching of current inventory costs with revenues. O True False Question 20 2 pts Phillips Corporation began the year with one chair costing $45 and purchased an identical chair during January for $46. On January 31.it sold one chair for $63. If Phillips uses LIFO, the value of Phillips ending inventory on January 31 would be $45. True Falte Question 19 2 pts Kelly and Company began the year with $3,000 in inventory. During the year, it purchased inventory worth $20,000, and made sales of $35,000. The company's year-end inventory balance was $4,000. Compute Kelly's gross profit for the year. O $20,000 O $15,000 O $14,000 O $35,000 $16,000