The inventory data for an item for Nov. are: Nov. 1 Inventory 4 Sold 10 Purchased 17 Sold 30 Purchased 20 units at $20 10 units 30 units at $24 20 units 10 units at $22 Using the perpetual system, costing by the first-in, first-out method (FIFO), what is the cost of the merchandise inventory of 30 units on Nov 30? $220 $660 $700 $480 The inventory data for an item for June are: Nov. 1 Inventory 4 Sold 10 Purchased 17 Sold 30 Purchased 20 units at $20 10 units 13 units at $24 20 units 10 units at $22 Using the perpetual system, costing by the last-in, first-out method (LIFO), what is the cost of the merchandise inventory of 13 units on Nov. 30? $220 $280 $270 $288 Merchandise inventory at the end of the year was inadvertently overstated. Which of the following statements correctly states the effect of the error on gross profit? gross profit is overstated n effect on gross profit gross profit is understated not enough information to know A company using the periodic system counted 700 units on hand at year-end. The following purchases were make during the first year of operations: Jan 19 2,000 units purchased at $4 per unit June 6 300 units purchased at $5 per unit Oct 2 500 units purchased at $6 per unit Using the periodic system, costing by the first in, first-out method (FIFO), what is the cost of the 700 units in inventory at year-end? $9,700 $4,000 $8,500 $2,800