Question 7 (1 point) Use the following inventory information for the month of May to answer the question(s) below. May 1 Beginning Inventory 20 units @ $38 Purchase 70 units @ $40 18 Sale 25 units 22 Purchase 10 units @ $44 29 Sale 40 units Assuming that a periodic inventory system is used, what is ending inventory (rounded) under the average-cost method? 1) $1,400 2) $1,424 3) $2,600 4) $2,644 Question 8 (1 point) Use the following inventory information for the month of May to answer the question(s) below. May 1 Beginning inventory 20 units @ $38 Purchase 70 units @ $40 Sale 25 units Purchase 10 units @ $44 Sale 40 units 18 22 Assuming that a periodic inventory system is used, what is cost of goods sold on a FIFO basis? 1) $1,400 2) $1,440 3) $2,560 4) $2,600 Question 9 (1 point) Use the following inventory information for the month of May to answer the question(s) below. May 1 Beginning Inventory 20 units @ $38 Purchase 70 units @ $40 Sale 25 units Purchase 10 units @ $44 Sale 40 units What is ending inventory under the specific identification method