The following lots of a particular commodity were available for sale during the year: Beginning inventory First purchase Second purchase Third purchase 5 units at $61 15 units at $63 10 units at $74 10 units at $77 The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. 31. What is the amount of cost of good sold for the year according to the average cost method? a. $1,380 b. $1,375 c. $1,510 d. S1,250 32. What is the amount of cost of goods sold the year according to the FIFO method? $1.380 b. S1,375 $1,510 d. $1.250 a. 37. The amount of interest on note is: a. $725 b. $475 c. $375 d. none of the above 38. If accounts payable are $100,000 and cash is $1,500,000 and sales are $2,750,000 and beginning accounts receivable $500,000 and ending accounts receivable $600,000 the accounts receivable turnover ratio is closest to: a. 1.513 b. 55.0 c. 65.235 d. 5.0 39. The days in receivable (365 days) are: a. 552 b. 6.64 c. 5.60 d. 73