Use this information to answer the following question. Jan. 1 Inventory 15 units @ $4.00 8 Purchase 17 Purchase 25 Purchase 60 units @ $4.40 30 units @ $4.20 45 units @ $4.80 Total sales 100 units Assuming that a periodic inventory system is used, what is the cost assigned to cost of Goods Sold under LIFO? Select one: a. $452 b. $429 c. $214 d. $237 Mitchell Corporation bought equipment on January 1, 2022. The equipment cost $120,000 and had an expected salvage value of $20,000. The life of the equipment was estimated to be 6 years. Straight-line depreciation was used. The depreciation expense each year is: Select one: a. $23,333 b. $24,000 c. $16,667 d. $20,000 Mitchell Corporation bought equipment on January 1, 2022. The equipment cost $120,000 and had an expected salvage value of $20,000. The life of the equipment was estimated to be 6 years. Straight-line depreciation was used. The book value of equipment at the end of the third year would be: Select one: a. 560,000 b. $100,000 OC. $86,667 d. $70,000 e. $50,000