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Use the following to answer questions 5-6: #, 12 I. eginning Inventory Purchases Sale Purchases Sale 10 units of $120 40 units 30 units at

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Use the following to answer questions 5-6: #, 12 I. eginning Inventory Purchases Sale Purchases Sale 10 units of $120 40 units 30 units at $11s2 July 1 60 units of S112 14 21 30 28 units sold 321eft3aLe34T 5. Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis? A) $3,664 B) $3,674 C) $7,696 D) $7,706 Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis? A) $3,644 B) S3,674 C) $7,696 D) S7,706 6

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