Macombe D Question 5 Refer to the fact pattern below. Beginning inventory is ten lamps with a cost of $50. The following transactions occur. January 1: 10 lamps purchased for $52. January 7: 12 lamps sold for $70 each Assuming the company utilizes the perpetual method of inventory accounting, what is the cost of ending inventory utilizing FIFO? O $604 $400 $416 O $620 Question 6 1 pts Refer to the fact pattern below. Beginning inventory is ten lamps with a cost of $50. The following transactions occur: January 1: 10 lamps purchased for $52. January 7: 12 lamps sold for $70 each. January 10:5 lamps purchased for $55. Assuming the company utilizes the perpetual method of inventory accounting, what is the cost of goods sold utilizing FIFO? 5604 1 LG