$($a$)$

Correct Answer $($Used$)$

Your answer is correct.

Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under $(1)$ LIFO and $(2)$

FIFO.

Solution

Attempts: $2$ of $2$ used

$($b$)$

Your answer is incorrect.

Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of

the ending inventory at LIFO?