The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be OJan. 1 Purchases 1,600 Accounts Receivable 1,600 Jan. 1 Purchases 1,600 Accounts Payable 1,600 Jan. 1 1,600 Inventory Accounts Payable 1,600 Office Supplies 1,600 Jan. 1 Accounts Payable 1,600 On the basis of the following data, what is the estimated cost of the inventory on May 31 using the retail method? Retail Cost May 01 May 01-31 May 01-31 Inventory $24,100 $40,160 Purchases (net) $46,520 $69,930 Sales (net) $90,130 Do not round intermediate calculations. Round your final answer to the nearest whole dollar. Select the correct answer O$19,510 O$27,570 O$40,374 O$12,804 The following lots of a particular commodity were available for sale during the year Beginning inventory First purchase 10 units at $51.00 17 units at $52.00 54 units at $59.00 18 units at $59.00 Second purchase Third purchase The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the LIFO method? Select the correct answer. O$5,642.00 O$1,275.00 O$1,290.00 O$1,475.00 A company using the periodic inventory system has the following account balances: Inventory at the beginning of the year, $4,206; Freight-In, $436; Purchases, $17,949; Purchases Returns and Allowances, $3,828; Purchases Discounts, $257. The cost of merchandise purchased is equal to O$17,949 O$14,300 O$18,264 O$26,676 The following lots of a particular commodity were available for sale during the year Beginning inventory First purchase Second purchase Third purchase 12 units at $49.00 18 units at $54.00 22 units at $20.00 13 units at $63.00 The firm uses the periodic system, and there are 21 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the average cost method? Do not round intermediate calculations. Round your final answer to the nearest whole dollar. Select the correct answer. O$1,029 O$979 O$1,074 O$911