The following facts pertain to the cost of one product carried in the merchandise inventory of the Herara Store. Use this information

to answer the next three questions.

Inventory on hand, January $1200$ units @ $$20=$$$4,000$

Purchase, March $18,600$ units @ $$24=14,400$

Purchase, July $20,800$ units @$$26=20,800$

Purchase, October $31,400$ units @$$30=12,000$

A physical count of the inventory on December $31$ reveals that $500$ units are on hand.

If the FIFO cost method is used with a periodic inventory system, the inventory should be reported on the balance sheet at:

a$.$ $$40,000.$

b$.$ $$36,600.$

c$.$ $$14,600.$

d$.$ $$11,200.$

If the average costing method is used, the cost of goods sold for the year amounts to:

a$.$ $$38,400.$

b$.$ $$37,500.$

c$.$ $$12,800.$

d$.$ $$12,500.$

If the LIFO costing method is used, the cost of goods sold for the year amounts to:

a$.$ $$40,000.$

b$.$ $$36,600.$

c$.$ $$14,600.$

d$.$ $$11,200.$