A company using the periodic system counted 700 units on hand at year-end. The following purchases were make during the first year of operations: Jan 19 2,000 units purchased at $4 per unit June 6 300 units purchased at $5 per unit Oct 2 500 units purchased at $6 per unit Using the periodic system, costing by the first in, first-out method (FIFO), what is the cost of the goods sold for the year? $4,000 $9,700 $8,500 $2,800 A company using the periodic system counted 700 units on hand at year-end. The following purchases were make during the first year of operations: Jan 19 June 6 Oct 2 2,000 units purchased at $4 per unit 300 units purchased at $5 per unit 500 units purchased at $6 per unit Using the periodic system, costing by the Last in, first-out method (LIFO), what is the cost of the 700 units in inventory at year-end? $4,000 $8,500 $9.700 $2,800 A company using the periodic system counted 700 units on hand at year-end. The following purchases were make during the first year of operations: Jan 19 2,000 units purchased at $4 per unit June 6 300 units purchased at $5 per unit Oct 2 500 units purchased at $6 per unit Using the periodic system, costing by the last in, first-out method (LIFO), what is the cost of the goods sold for the year? $8,500 $9,700 $2,800 $4,000 A new company has inventory data for an item purchased during the year. The year-end ending inventory is 1,000 units. Using the periodic system, average cost method, what is the cost of the merchandise inventory at year-end? The purchase activity is as follows: Date No. of Items Purchased Cost/Unit Total Cost Jan. 16 Mar. 18 Nov. 23 800 2,200 2,000 $7.00 $8.00 $9.00 $ 5,600 17,600 18,000 Total 5,000 $41,200 $9,000 $8,000 $8,240 $41,200