Response Questions Part A TOD A) Ilusions, Inc. had the following inventory data: Quantity 5 Unit Cost $53 $55 Dale July 1 July 4 July 7 July 11 July 14 Beginning inventory Purchase Sale Purchase Sale 10 12 $57 Assuming LIFO, what is the ending inventory after the July 14 sale? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) O A. $228 OB. $221 C. $216 OD. $212 Syrio's Snowboards has the following LIFO perpetual inventory records: Date Purchases Cost of Goods Sold Inventory on Hand February 1 $500 February 5 $500 $1.000 February 10 $500 $500 February 28 $400 $900 The current replacement cost of the ending inventory is $1,400. To apply the lower-of-cost-or-market rule, the journal entry would be: O A. debit Cost of Goods Sold $500, credit Inventory $500. OB. No entry required, since historical cost is loss than replacement OC. No entry required, since the amount is not material. OD. debit Inventory $500, credit Cost of Goods Sold $500. B) If Cost of Goods Sold was understated in Period 1, then Cost of Goods Sold and gross profit in Period 2 will be: O A. both understated. OB. overstated for cost of goods sold and understated for gross profit. O c. both overstated. O D. understated for cost of goods sold and overstated for gross profit. Gecko Enterprises had the following inventory data: Dale Quantity Unit Cost July 1 Beginning inventory 5 $50 July 4 Purchase 10 $56 July 7 Sale July 11 Purchase $58 July 14 Sale Assuming average cost, what is the ending inventory after the July 14 sale? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar) O A $224 OB. $228 OC. $212 OD. $232 D)