Your company buys 500 pairs of socks at $3 each (including other purchasing costs such as transportation) and sells them for $5 each. Which of the following statements is true? The net income is $1,500 The sales revenue is $1,500, The cost of goods sold is $1,500 The gross profit is $1.500. Question 22 Alphabet Company, which uses the periodic inventory method. buys different letters for real. It buys Athrough on January at 14 per letter, it buys through Lats per letter buys through in March 37 per letter It sells A D. EH and N in April if the company uses the specific identification method, what is the cost of its ending inventory? 5100 A company's inventory records contain the following information: Beginning Inventory 300 units $780 Purchased on June 10 400 units 1,170 Purchased on June 15 500 units 1,260 Purchased on June 28 300 units 990 1,500 $4,200 The company sold 1,000 units during June and 500 units were in its ending inventory on June 30. If the company uses the weighted average inventory costing method, what is the cost of its ending inventory? $1,365. $1,400 $2,700 $4,200