Question 35 Jensen Company had the following inventory data for the year Jan. 1 Mar. 15 June 30 Beginning inventory Purchase Purchase Purchase 1.000 units e $2 - $2.000 5.000 units @ $2.50 - $12,500 4,000 units @ $3-$12.000 6,000 units @ $3.50 - $21.000 Oct. 1 On December 31, there are 2.000 units of the item in the physical inventory. Calculate cost of goods sold for the year assuming Jensen uses LIFO. $40.500 O $4,500 $43,000 O $47.500 Question 36 Jensen Company had the following Inventory data for the year Jan. 1 Beginning inventory 1,000 units 52 - $2.000 Mar. 15 Purchase 5.000 units $2.50 - $12.500 June 30 Purchase 4,000 units @ $3-12.000 Oct 1 Purchase 6,000 units @ $3.50 - $21.000 On December 31, there are 2,000 units of the item in the physical inventory. Calculate cost of goods sold for the year assuming Jensen uses weighted aver {Round average cost per unit to four decimal places. Round cost of goods sold to the nearest dollar) O $5,938 O $38.500 O $47.500 $41,563 Question 39 On December 31. Barnes Company had 1,000 identical units of Item Xin ending inventory. The following information is available: Unit purchase cost-$25 per unit Replacement cost on December 31 - $20 per unit Using the lower-of-cost-or-market rule, which of the following statements would be true? Barnes should decrease inventory and retained earnings $5.000. Bares should decrease inventory and increase retained earnings $5.000 Barnes should increase inventory and retained carrings $5.000. O O Barnes should not record any transaction because inventory is always recorded at cost Question 39 On December 31. Barnes Company had 1,000 identical units of Item Xin ending inventory. The following information is available: Unit purchase cost-$25 per unit Replacement cost on December 31 - $20 per unit Using the lower-of-cost-or-market rule, which of the following statements would be true? Barnes should decrease inventory and retained earnings $5.000. Bares should decrease inventory and increase retained earnings $5.000 Barnes should increase inventory and retained carrings $5.000. O O Barnes should not record any transaction because inventory is always recorded at cost