Question 29 5 pts A company uses the periodic inventory system. The following units of an inventory item were available for sale during the year. Beginning inventory First purchase Second purchase Third purchase 10 units at $55 25 units at $60 30 units at $65 15 units at $70 During the year, 50 units of the item were sold. The value of the ending inventory using FIFO is $1,750 $2,100 $2,025 $1,650 Question 8 5 pts The Cash Short and Over account has a debit balance at the end of the month. This is reported as an expense on the income statement a liability on the balance sheet an asset on the balance sheet revenue on the income statement