ALT AaBbca AaBbcd AaBbc Aabbcc Aa T Normal 1 No Spac. Heading 1 Heading 2 e-A- TO Paragraph Styles 4 5. In a period of rising prices, the inventory method which tends to give the highest reported net income is a base stock b. first-in, first-out c. last-in, first-out. d. weighted average 6. June Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 80 units that cost $20 per unit. During the current month, the company purchased 480 units at $20 each. Sales during the month totaled 360 units for $43 each. What is the cost of goods sold using the LIFO method? 7. Checkers uses the periodic inventory system. For the current month, the beginning inventory consisted of 2,400 units that cost $12 each. During the month, the company made two purchases: 1,000 units at $13 each and then 4.000 units at $13.50 each. Checkers also sold 4,300 units during the month. Using the LIFO method, what is the ending inventory? S40,146. b. $37,200 $41,850. d. $37.900 a. c. 8. Black Corporation uses the FIFO method for internal reporting purposes and LIFO for external Cro o Bi (hp