The perpetual inventory system normally does not use which of the following as a formal account in the general ledger. Purchases Returns and Allowances account. Sales Returns and Allowances account. Accounts Receivable control account. Sales account A company maintains a perpetual inventory. It follows the FIFO inventory system. The following information is available for the current period ending December 31. Sales for the Quarter $30,000 Beginning Inventory $ 7, 500 Ending Inventory $ 6,000 Purchases $20,000 The company's cost of goods sold for the current period is $27, 500 $26, 500 $21, 500 $25, 100 Not possible to calculate, need the dates of the Sales. A company that has operated with a 30% average gross profit rate for a number of years had $100,000 in sales the first quarter of this year. If it began the quarter with $18,000 in inventory at cost and purchased $72,000 of inventory during the quarter, what is the estimated ending inventory? $30,000 $21,000 $20,000 $18,000 $27,000 A company uses a perpetual inventory system to account for its merchandise. Beginning inventory and transactions are as follows: January 10 Beginning balance of 18 units at $13 January 12 Purchased 30 units at $14. January 19 Sold 24 units at $30 price. January 20 Purchased 24 units at $17. January 30 Sold 23 units at $30. If the ending inventory is reported at $422, what inventory method was used? Weighted Average method LIFO Specific Identification Method FIFO Retail inventory method