Question 7 The assumption that Cost of Goods Sold includes goods purchased most recently is known as: Not yet answered Points out of 3.00 Select one: a. Average cost b. FIFO P Flag question c. LIFO d. Weighted average Question 8 In preparing its August 31 bank reconciliation, Reinstein Corp. has available the following balance per bank and reconciling items: Not yet answered Points out of 3.00 Balance per bank Deposit in transit Erroneous charge (deduction) made by books Outstanding checks Bank service charges for August $ 18,050 3250 100 2.750 600 Flag question The 8/31 correct balance of cash is: Select one: a. $19,250 b. $18,650 c. $18,550 d. $19,050 e. $17,850