Question 30 (1.5 points) Chen R. US. Ltd. uses the FIFO cost method in a perpetual inventory system. Oct 1 Beginning inventory 150 units @ $4 per unit Oct 11 Purchases 110 units @ $6.5 per unit Oct 13 Sales 190 units Oct 17 Sales 60 units Oct 22 Purchases 140 units @ $5.5 per unit Oct 26 Sales 120 units The cost of goods sold for the Oct 17 sale was: O A) $390 OB) $303 C) $358 D) $240 Question 28 (1.5 points) If goods in transit are shipped FOB destination, A) no one has legal title to the goods until they are delivered. B) the transportation company has legal title to the goods while the goods are in transit. C) the buyer has legal title to the goods during transit. D) the seller has legal title to the goods until they are delivered. Question 29 (1.5 points) In a period of inflation (prices are rising), which inventory cost formula will result in higher net income? A) There would be no effect on net income. B) FIFO C) Cost of goods sold for the period will be the same under both formulas. D) average cost Question 26 (1.5 points) Goods held on consignment are A) kept for sale on the premises of the consignor. B) never owned by the consignee. C) included in the consignee's ending inventory. D) not included in anyone's ending inventory. Question 27 (1.5 points) An error A) that understates the ending inventory will cause assets to be understated. B) that understates the ending inventory will cause the cost of goods sold for the period to be understated. in the ending inventory of the current period will have no effect on net income of the next accounting period. that understates the ending inventory will cause net income for the period to be overstated