Use the following information for questions 7 to 9. Emco Industries had the following activity with one of its inventory items during the current period: Units Unit Cost Beginning inventory Purchase December 5 Sale Purchase December Sale 30 80 (40) $8.00 10.50 December 11 2.00 December 26 (70) 7. Using a perpetual inventory system and the FIFO cost formula, the ending inventory was valued at: a) $500. b) $625 c) $720 d) $825, 8. Usin g a perpetual inventory system and the FIFO cost formula, the cost of goods sold was: a) $975. b) $1,080. c) $1,175 d) $1,300. 9. Using a perpetual inventory system and the weighted-average cost formula, the cost of goods sold for the December 11 sale was closest to: a) $540, b) $420. c) $393. d) $370 10. Foamy Suds Ltd. had a fire at its warehouse and was trying to determine the cost of the inventory lost. For the year to date, sales had been $525,000, opening inventory was $125,000, purchases to date were $318,000, and the cost-to-sales ratio is normally 60%. Inventory not damaged in the fire was S 18,000. What was the cost of the inventory damaged in the fire? a) $110,000 b) $124,000 c) $160,000 d) $74,000 11. Barium Corp. purchased a piece of equipment on September 30 for $27,000. It cost $400 to equipment to the company's facilities and another $1,000 to install the equipment. After the equipment for increased insurance. The capitalized cost o the equipment should be: a) $29,900 b) $29,500. c) $28,400 d) $27,400