NET Computers sold 20 modems for $60 on 30 April. At that date, the stock card for the modems sold had a total of 50 modems on hand at an average cost of $45.50 each. What is the cost of the modems recognised in the statement of financial performance? Assume the weighted average method of costing is used. a. $1200 b. $910 c. $2275 d. $3000 Which of the following statements relating to the periodic inventory system is incorrect? a. A stocktake must be performed to determine the ending inventory balance. b. The balance in the Inventory account represents the cost of the inventory on hand at the beginning of the period. c. Inventory purchases are recorded in the Purchases account. d. The inventory account is classified as a non-current asset. The specific identification method of costing inventory would be unsuitable for which of the following? a. Gold jewellery b. Petrol at a service station c. Motor vehicles d. Works of art