s 10 and 11 are based on the following information: On January 1, 2021, Halo Inc. reported inventory of 1,000 units at $5,000. The following purchases were made during 2021: On March 1, 2021, they purchased 400 additional units for $2,800 On July 1, 2021, they purchased 200 additional units for $1,800 On December 1, 2021, the purchased 100 additional units for $1,000 A physical count on December 31, 2021, revealed 1,100 units on hand. The selling price per unit is $20 each. 10. Using periodic LIFO inventory system, what is cost of goods sold? A $3,000 B $4,900 D $5,700 $8,000 11. Using periodic FIFO inventory system, what should be reported as gross profit on Halo's income statement. A $5,400 B $7,100 C D $7,600 $9,000 12. The FIFO cost of a chocolate bar is $8, the replacement cost is $7, it sells for $8 and selling/disposal cost is $2. Assume a 20% normal markup on selling price. The chocolate bar should be reported at A 8 $8 $7 D $6 $4.40 13. The LIFO cost of a chocolate bar is $8, the replacement cost is $7, it sells for $8 and selling/disposal cost is $2. Assume a 20% normal markup on selling price. The chocolate bar should be reported at A $8 B $7 D $6 $4.40 14. Which of the following is a cash equivalent? A Cash in savings account. B 1-year certificate of deposit due in six months. C D 1-year certificate of deposit due in one month. None of the above. 15. Theoretically, which of the following costs incurred in connection with a machine purchased for use in a company's manufacturing operations would be capitalized? ABCO Breaking down a wall Testing and preparation Installing platform to to get the machine in of machine for use support machine's weight Yes Yes No No No Yes Yes 20 No No No Yes Yes