Question 8 1.1 pts Lipton Hardware prepared the following schedule of unit costs and market prices for three items of merchandise inventory. Item Units Cost per unit Market price per unit A 1,000 $.50 B 2,000 .45 .30 C 1,500 .60 .75 $.55 Applying the lower-of-cost-or-market price rule, the total value of the entire inventory of the units would be reported as which of the following? $2,300.00 O $1,267.50 $2,080.00 $2,580.00 None of the above Question 9 1.1 pts Which of the following statements is correct concerning goods in transit? O Goods in transit are not included in either the purchaser or sellers inventory count Goods in transit that are being shipped FOB shipping point should be included in the sellers inventory count Goods in transit that are being shipped FOB destination should be included in the buyers inventory count Goods in transit that are being shipped FOB destination should be included in the sellers inventory count. O None of the above