QUESTIUN 10 Samuelson and Messenger (S&M) began 2018 with 100 units of its one product. These units were purchased near the end of 2015 for $25 each. During the month of January, 100 units were purchased on January 8 for $25 each and another 150 units were purchased on January 19 for $30 each. Sales of 125 units and 100 units were made on January 10 and January 25, respectively. S&M uses a periodic inventory system. Question COGS using the average cost approach would be: $3,393 $2,714 $6,107 none of the above QUESTION 11 Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2019. The units have a list price of $400 each, but Thomas was given a 20% trade discount. The terms of the sale were 2/10, 1/30. Thomas uses a periodic inventory system. Question The journal entries to record a full payment by Thomas on November 26, 2019, using the gross method of accounting for purchase discounts would include: a credit to Inventory of $800 a credit to Purchases of $640 a credit to Purchase Discounts of $640 a credit to Purchase Discounts of $800