QUESTION 7 A company's inventory records report the following in November of the current year. Units Acquired at Cost Units Sold at Retail November 1 Beginning inventory 5 units @ $20 = $100 Date Activities November 2 Purchase November 8 Sales November 12 Purchase 10 units @ $22 = $220 12 units @ $54 6 units @ $25-$150 Using the LIFO perpetual inventory method, what amount of gross profit was earned from the 12 units sold? O $577 $260 $366 $438 $388 QUESTION 8 Monarch Company uses a weighted-average perpetual inventory system and has the following purchases and sales: Activities Units Acquired at Cost Units Sold at Retail Date January 1 Purchase 20 units @ $10 = $200 January 12 Sales January 20 Purchase 18 units @ $11 = $198 What is the value of cost of goods sold? O $398. 12 units sold $272. $278. $126. $120.