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Whitby Inc. is a wholesaler that uses a perpetual inventory system. The company's accounting records provided the following transactions for Product orng the fiscal year

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Whitby Inc. is a wholesaler that uses a perpetual inventory system. The company's accounting records provided the following transactions for Product orng the fiscal year ended on December 31, 2020 Date Transactions Units Unit Cost Sale Price March 5 Purchase 19.000 $9 June 15 Sale 10,000 $27 September 19 Purchase 8,000 11 November 20 Sale 16,000 30 Additional information The beginning inventory consisted of 7.000 units of a total cost of $50.000 All sales are made on account with credit forms, 2/10, 130 Customers who purchased 10,000 units on November 20 paid the amount within the discount ponod. Alter customersped the accounts receive the discount pond Al the start of each question below, we indicate whether the First First od FIFO) method of the Weighted Average Cost (WAC) thod is used (FIFO) The gross profit percentage for 2020 is D. 60 40% OB 19.73% 68.419 OD 50.14% O None of the other percentages 0 (FIFO) Assume for this question only that the cost of sales is $240,000. In that case, the inventory tumover ratio for 2020 would equat OA 3.33 OB 245 OC 353 OD 43.63 OE None of the other ratios 0 (WAC) The average cost per unit of the 10,000 units sold on June 15 is: OA $10 OB $9.33 OC $8.50 OD 5873 20 of Whitby used a periodic Inventory system instead of a perpetual system which of the following statement would be correct? OA W FIFO method is used, the cost of under the periodic system would be different from the cost of sales under the perpetual system O the WAC method is used to cost of ending wettory of December 31, 2020 under the periodic system would be safer than the cost of onding inventory under the perpetual system OC There is a need for a physical inventory countil the periodicitamused, but that is not necessary if the perpetual system is used OD Both inventory control systems are equally efficient in keeping track of inventory antities and costs throughout the accounting period

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