Word File Edit View Insert Format Font Tools Table Window 5 H In a periodic inventory system.docx n.1.1 Q Search in Document Home Layout Document Elements Tables Review Charts SmartArt Styles Font Paragraph Insert Themes es Bold 12 A. 44 I U ABC AB Styles Text Box Themes October 10 Purchased 100 pairs of shoes on account at a cost of $5.945 per pair In addition Miller paid $405 iq cash on each pair of shoes to have the inventory shipped from the vendor's warehouse to the Miller's showroom October 30 During the month 90 pairs were sold at a unit selling price of $8.255. November 1 A new batch of 60 pairs was purchased on account at a total cost of $406,500 November 14 5 pairs of the sneakers purchased on November 1 were found to be of the wrong description and returned to the supplier November 30 The sales for November were 60 pairs of sneakers which yielded total sales revenue of $430,000 December 2 Peter Fuller, a customer to whom 10 pairs were sold at the close of businesson November 30, returned 4 pairs of the sneakers, as they were of the wrong colour. What is the accounting treatment if we are using the FIFO method for the transaction on November 14, 2014? Select one: A. 5 pairs would be taken out of COGS at a rate of S6,775 per pair. 5 pairs would be taken out of COGS at the FIFO rate and inventory endine balance would be increased. C. 5 pairs would be taken out of COGS at a rate of 56.775 per pair and inventory balance would be increased D. 5 pairs would be taken out of purchases at a rate of $6,775 per pair and the Inventory ending balance would be decreased