Question 8 (3 points) When using a periodic inventory system to record inventory transactions, "Sales revenue" is calculated and recorded at the end of a period. "Inventory" account is debited to record the freight-in cost. "Purchases" account is debited to record a purchase of inventory. "Cost of goods sold" is calculated and recorded at the time of each sale. Question 7(3 points) Flint Company had the following balances and transactions during 2020. Beginning inventory 20 units at $10 per unit March 10 sold 16 units for $24 per unit June 10 purchased 40 units at $16 per unit October 30 sold 30 units for $32 per unit What would the company's cost of goods sold amount be on the December 31, 2020 balance sheet if the LIFO cost assumption is used under a perpetual inventory system? $616 $700 $640 $1,344