The inventory records for Radford Co. reflected the following: Beginning inventory May 1 1200 units @ $4.00 First purchase @ May 7 1300 units @ $4.20 Second purchase @ May 17 1500 units @ $4.30 Third purchase @ May 23 1 100 units @ $4.40 Sales @ May 31 3900 units @ $5.90 What is the amount of cost of goods sold assuming the LIFO cost flow method? $17,160 $16,750 $15,600 $16,380 Question 4 Assume the perpetual inventory system is used. 1) Green Company purchased merchandise inventory that cost $16,200 under terms of 2/10, n/30 and FOB shipping point. 2) Green Company paid freight cost of $620 to have the merchandise delivered. 3) Payment was made to the supplier on the inventory within 10 days. 4) All of the merchandise was sold to customers for $23,900 cash and delivered under terms FOB destination with freight cost amounting to $420. What is the amount of gross margin that results from these transactions? $6984 $7604 $8024 $7404