Use the following transactions to complete the next 14 questions: GBI entered into a series of transactions in September, detailed below. Assume that you are keeping the books for GBI. Reminder: GBI values inventory at moving average cost, which adjusts with each batch of goods received. Assume that GBI had no inventory on hand as of September 1. The questions in this section will refer to the following four transactions: Transaction 1 (Olympic Protective Gear): On September 1, GBI created a purchase order of 60 OHMTs at $20 each from Olympic Protective Gear, terms 1/15, n/45. The purchase order's inventory was received in full from Olympic on September 5 and invoiced by the vendor on September 6. GBI paid the invoice on September 25. Transaction 2 (Dallas Bike Basics): On September 5, GBI created a purchase order of 40 OHMTs at $30 each from Dallas Bike Basics. The purchase order's inventory was received in full on September 8, and Gel was invoiced by the vendor on September 9. The invoice has not yet been paid. Transaction 3 (Beantown Bikes): On September 10, GBI processed a sales order for 20 OHMTs to Beantown Bikes. The standard sales price is $50 per unit, but Beantown has a standing 10% discount. The sales order was shipped on September 12, and invoiced on September 14. The customer paid for the order on September 26. The payment terms with Beantown Bikes are 2/10, 1/30 Transaction 4 (Motown Bikes): On September 15, GBI processed a sales order for 10 OHMTS to Motown Bikes at the standard sales price of $50 per unit. The sales order was also picked and shipped on September 15, invoiced on September 16, and the customer paid for the order on September 18. The payment terms with Motown Bikes are 1/5, n/30. After Transactions 1 and 2, what is the moving average price per unit for OHMT? vepec CULL. LU COUW. Lansaction, Transaction 1 (Olympic Protective Gear): On September 1. GBI created a purchase order of 60 OHMTs at $20 each from Olympic Protective Gear, terms 1/15. n/45. The purchase order's inventory was received in full from Olympic on September 5 and invoiced by the vendor on September 6. GBI paid the invoice on September 25. Transaction 2 (Dallas Bike Basics): On September 5, GBI created a purchase order of 40 OHMTs at $30 each from Dallas Bike Basics. The purchase order's inventory was received in full on September 8, and GBI was invoiced by the vendor on September 9. The invoice has not yet been paid. Transaction 3 (Beantown Bikes): On September 10, GBI processed a sales order for 20 OHMTs to Beantown Bikes. The standard sales price is $50 per unit, but Beantown has a standing 10% discount. The sales brder was shipped on September 12, and invoiced on September 14. The customer paid for the order on September 26. The payment terms with Beantown Bikes are 2/10, n/30. Transaction 4 (Motown Bikes): On September 15, GBI processed a sales order for 10 OHMTS to Motown Bikes at the standard sales price of $50 per unit. The sales order was also picked and shipped on September 15, invoiced on September 16, and the customer paid for the order on September 18. The payment terms with Motown Bikes are 1/5, n/30. After Transactions 1 and 2 what is the moving average price per unit for OHMT? 20 24 O 30 O 25 60 OHMTs at $20 each from Olympic Protective Gear, terms 1/15, n/45. The purchase order's inventory was received in full from Olympic on September 5 and invoiced by the vendor on September 6. GBI paid the invoice on September 25. Transaction 2 (Dallas Bike Basics): On September 5, GBI created a purchase order of 40 OHMTs at $30 each from Dallas Bike Basics. The purchase order's inventory was received in full on September 8, and GBI was invoiced by the vendor on September 9. The invoice has not yet been paid. Transaction 3 (Beantown Bikes): On September 10, GBI processed a sales order for 20 OHMTs to Beantown Bikes. The standard sales price is $50 per unit, but Beantown has a standing 10% discount. The sales order was shipped on September 12, and invoiced on September 14. The customer paid for the order on September 26. The payment terms with Beantown Bikes are 2/10,n/30. Transaction 4 (Motown Bikes): On September 15, GBI processed a sales order for 10 OHMTS to Motown Bikes at the standard sales price of $50 per unit. The sales order was also picked and shipped on September 15, invoiced on September 16, and the customer paid for the order on September 18. The payment terms with Motown Bikes are 1/5, n/30. Which of the following statements is TRUE regarding the GR/IR account? o the GR/IR account recognizes the difference between the goods that GBI has received and those for which it has been invoiced. The GR/IR account is used because GBI uses a periodic inventory system, which updates Inventory at the end of the period. In this example, GR/IR would have a debit balance on September 5th, In this example, GR/IR would have a balance of $2,400 after Transactions 1 and 2