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Base your answers to questions 2 and 3 on the following information. The following purchases and sales of item L211 were made by the Davis Supply Store during 20x1. On January 1, 20X1, the inventory of this item was 300 units at a of $75. Purchases Units Sold Units 200 Cost $16,000 Date February 2 February 10 March 22 March 27 May 3 May 19 June 27 July 15 August 14 120 85 190 14,820 175 50 210 100 200 16,200 150 12,300 September 3 September 4 November 10 December 6 25 200 16,600 150 inventory method, complete the perpetual inventory REQUIRED: Using the FIFO control record at the back of this unit and then answer question 2. Note that the January 1 balance and the Februar the record. y 2 and 10 transactions have been filled in on 2. The inventory balance at December 31, 20x1, under the FIFO method is comprised of A. 25 units purchased at $80 and 300 units purchased at $75. B. 125 units purchased at $82 and 200 units purchased at $83. C. 200 units purchased at $82 and 125 units purchased at $83. D. 325 units purchased at $83. 3. Assume that the Davis Supply Store uses the periodic inventory system. The ending inventory balance at December 31, 20X1, under the LIFO inventory method would b comprised of A. 200 units purchased at $83 and 125 units purchased at $81 B. 325 units purchased at $83. C. 325 units purchased at $75. D. 300 units purchased at $75 and 25 units purchased at $80.

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