Sheffield Industries has the following inventory information. July 1 Beginning Inventory 40 units at $120 5 Purchases 250 units at $108 14 Sale 150 units 21 Purchases 110 units at $110 30 Sale 130 units Assuming that a periodic inventory system is used what is the amount allocated to ending inventory on a FIFO basis? $35900 O $13200 O $35880 O $13440 Vaughn Shutters has the following inventory information Nov. 1 Inventory 20 units @ $7.00 130 units @ $8.50 8 Purchase 17 Purchase 40 units @ $8.50 70 units @ $9.20 25 Purchase A physical count of merchandise inventory on November 30 reveals that there are 110 units on hand. Assume a periodic inventory system is used. Assuming that the specific identification method is used and that ending inventory consists of 25 units from each of t three purchases and 30 units from the November 1 inventory, cost of goods sold is $1446. O $1392 O $1424 $1434 Bramble Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM) basis in valuing inventories: Product Cost Net realizable value $120000 79000 A $117000 B 82000 150000 158000 If Bramble applies the LCNRV basis, the value of the inventory reported on the balance sheet would be $349000 O $346000 O $360000 $357000