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Abalone Corp. uses a periodic inventory system.Jul 1 Beginning inventory 20 units @ $19 $ 380 7 Purchases 70 units @ $20 1,400 22 Purchases 10 units @ $22 220A physical count of merchandise inventory on July 31 shows that 25 units are on hand.Under the FIFO cost method, ending inventory at July 31 wasQuestion 1 options:a)$1,500b)$500c)$1,480d)$520Jemima Ltd. purchased factory equipment for $200,000, and estimated that the equipment will have a $20,000 residual value at the end of its estimated 5-year useful life. If Jemima uses the double diminishing-balance method of depreciation, the depreciation expense for the second year after purchase would beQuestion 2 options:a)$48,000b)$72,000c)$43,200d)$80,000

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