Use the following inventory information to answer questions 16 through 18. 1-May Beginning Inventory 7-May Purchases 18-May Sales 22-May Purchases 29-May Sales 50 units @ $20 / unit 40 units @ $25 / unit 60 units 10 units @ $30 / unit 25 Units 16) Assuming that a perpetual inventory system is used, what is the cost of goods sold on a FIFO basis? $300 $1,875 $425 $2,000 17) Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis? $300 $425 $1,875 $1,900 18) Assuming that a perpetual inventory system is used, what is the cost of goods sold on a Weighted-Average basis? $300 $345 $1,610 $1,955 19) Which of the following is NOT an example of a typical reason for a budget overrun: Poor Estimating practices Overly conservative initial estimates Lack of clear budget ownership Undisciplined budget implementation 20) An Analogous Estimate uses previous similar projects as a reference to determine costs for a future project: True False