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Multistep question need help with both. Your company has 500 units in inventory that...

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Accounting

imageimageMultistep question need help with both.

Your company has 500 units in inventory that had been purchased for $12 each and that would currently cost $15 to replace. Your supplier has just announced the cost of these goods is rising to $16.50. Multiple Choice Your company should adjust the inventory account using the lower of the recent market values, which is $15. Your company should make no adjustments to the Inventory account. Your company should adjust the inventory account using the average of the recent market values, which is $14.50. Your company should adjust the inventory account using the higher of the recent market values, which is $16.50. The 2020 records of Thompson Company showed beginning inventory, $6,000; cost of goods sold, $14,000; and ending inventory, $8,000. The cost of purchases for 2020 was: Multiple Choice $16.000. $9.000 $12,000. O $10,000

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