Use the following information for the month of May: May 1 Beginning inventory 7 Purchases 18 Sales 22 Purchases 29 Sales 20 units $21 30 units @ $20 35 units 25 units @ $19 10 units an Assuming that a perpetual inventory system is used, what is ending inventory on a LIFO basis? Select one: O a. $600 O b. $620 O c. $585 O d. $575 O e. $610 Given the following data, by how much would taxable income change if periodic LIFO is used rather than periodic FIFO? Beginning Inventory Purchases Units Sold 2,200 units at $25 1,400 units at $30 1,700 Select one: O a. Increase by $7,000 O b. Decrease by $7,000 O c. Increase by $8,500 O d. Decrease by $8,500 Given Overstated Understated 9 Purchases Sales Returns Ending inventory Frought ou Purchase Discounts 9 3 Net Income is: Select one: O a. Understated 4 O b. Understated 22 O c Overstated 6 O d. Understated 28 O e. Understated 10 Case Corp. had accounts payable of $100,000 recorded in the general ledger as of December 31, 2012 The Accounts Payable balance included the following recorded purchases on credit: Amount Date Shipped Date Red FOB Terms $ 8.000 12-22-12 12-24-12 Destination 17.000 12-28-12 1-2-13 Shipping point 12.000 1-2-13 1-3-13 Shipping po 9,000 12-31-12 1-5-13 Destination $42.000 In Case's December 31, 2012 balance sheet, the accounts payable should be reported in the amount of: Select one: O a. $125,000 O b. $92,000 O c. $121,000 O d. $79.000 O $75,000