Question 24 2 pts Phelps, Inc. had 100 goggles costing $4 each in inventory at June 1, and incurred the following inventory transactions during June: Purchased 400 goggles at $4.50 each Sold 460 goggles at $12.00 each If Phelps, Inc. uses LIFO to calculate their inventory, what is the cost of goods sold? $2.070 $1,840 $2,000 $2,040 D Question 25 2 pts Under which section of a statement of cash flows would the proceeds received from the sale of Bonds appear? The bonds were sold by the business to purchase a building. Long-term assets Operating cash flows Investing cash flows Financing cash flows Question 26 2 pts Which method of depreciation will most likely reduce taxes more in the first year after purchasing an asset? Pareniall method of depreciation Double-declining balance Systematic allocation Straight-line depreciation