When using a periodic inventory system, the journal entry to record the cost of merchandise sold is Nojournal entry is made to record the cost of merchandise sold debit Cost of Merchandise Sold; credit Merchandise Inventory debit Merchandise Inventory; credit Cost of Merchandise Sold O debit Cost of Merchandise Sold; credit Sales Haleigh uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sept. Inventory 20 units at $20 1 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase 10 units at $30 How much is in inventory after the September 4 sale? 5 units @ $30 10 units @ $20 10 units @ $25 O 5 units @ $25 Question 21 4 pts Ending inventory has the oldest items when a company uses Weighted average FIFO Specific identification OLIFO D Question 22 4 pts The lower-of-cost-or-market method of determining the value of ending inventory can be applied on an item-by-item basis, by major classification of inventory, or by the total inventory. True O False When using the FIFO inventory costing method, the oldest costs are assigned to the cost of merchandise sold. O True False