$34$ bicycles for $$100$ each. Boston's cost of goods sold under the FIFO, LIFO and weighted$-$average methods is summarized as follows:

Read the requirements.

Requirement $1.$ Which inventory costing method produced the lowest cost of goods sold?

The

inventory costing method produced the lowest cost of goods sold.

FIFO

LIFO

weighted$-$average

Requirements

Which inventory costing method produced the lowest cost of goods sold?

Which inventory costing method produced the highest cost of goods sold?

If costs had been declining instead of rising, which inventory costing method

would have produced the highest cost of goods sold?