The activity for a specific inventory item for the month of March was as follows: # of Per Unit Total October 1 inventory Units Cost Cost 30 $28 $840 Purchases: October 5 100 30 October 13 3,000 60 32 1,920 October 15 90 36 3,240 Goods Available for Sale 280 $9,000 Sales: October 8 110 October 22 120 230 Using weighted average cost under a periodic inventory system, what is the balance of Ending Inventory (round intermediate and final calculations to the nearest dollar) as at October 31? $2,160 O$1,980 $1,920 $2,040 32 The activity for a specific inventory item for the month of March was as follows: # of Per Unit Total Units Cost October 1 inventory Cost 30 $28 $840 Purchases: October 5 100 30 3,000 October 13 60 1,920 October 15 90 36 3,240 Goods Available for Sale 280 $9,000 Sales: October 8 110 October 22 120 230 Using first-in, first-out (FIFO) under a periodic inventory system, what is the balance of Cost of Goods Sold for month ended October 31? Assuming physical count indicates that the ending balance of Inventory is $1,680. $7,280 $7,360 O $7,320 $7.300 If Ending Inventory for the year ended December 31, 2019 is understated, what would be the effect of this error on the balance of total Retained Earnings? O Correctly stated at the end of 2019 and overstated at the end of 2020 Understated at the end of 2019 and overstated at the end of 2020 Overstated at the end of 2019 and understated at the end of 2020 Understated at the end of 2019 and correctly stated at the end of 2020