QUESTION 4 A company's inventory records report the following in November of the current year: Beginning November 1 5 units @ $20 Purchase November 2 10 units @ $22 Purchase November 6 6 units @ $25 On November 8, it sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 18 units sold? $395 $410 $450 5510 $520 QUESTION 2 Where is merchandise inventory in the financial statements? current asset on the balance sheet current asset on the income statement current liability on the balance sheet current liability on the income statement