Ricci Co. begins the year 2000 with 10 units of inventory in…
Ricci Co. begins the year 2000 with 10 units of inventory in its warehouse, each of them cost Ricci Co. $10 to acquire, so the balance in the inventory account at the beginning of the year is $100. During the year 2000, Ricci Co. acquires new inventory on the following dates and with the following quantities and prices per unit: Date Quantity Cost per unit 1/30/2000 5 $12 6/15/2000 15 $8 Ricci Co. counts 5 units in its warehouse at the end of 2000. Which of the following statements about its COGS and ending inventory are true?