Question 27 Target has the following data for the month ended January 31, 2021. Target uses periodic inventory system: Date Units Unit cost or selling price 1/1 Beginning Inventory 90 $30 1/8 Purchase 110 29 1/12 Sale 120 40 1/18 Purchase 100 28 1/20 Sale 80 45 1/24 Purchase 130 27 1/29 Sale 100 45 Which inventory method will generate the lowest operating income? FIFO LIFO Average Cost Specic Identification Question 28 2.5 pts Target's year end 12/31/2020 inventory records indicated a balance of $900,000. Additional information indicates that this amount also included the following inventory items: Purchases: (Target purchased from wholesalers.) Date shipped by seller Date arrived Amount Shipping Term 12/27/20 1/2/21 $210,000 FOB destination 12/22/20 1/3/21 $100,000 FOB destination Sales: (Target sold to retail stores.) Date shipped by Target Date arrived Amount Shipping Term 12/27/20 1/5/21 $320,000 FOB shipping point 12/26/20 1/4/21 $90,000 FOB shipping point Consigned inventory: Date shipped by consignees Date arrived Amount Shipping Term 12/27/20 12/31/20 $20,000 FOB destination What is Target's adjusted ending inventory balance at December 31, 2020