Mansfield Company Has a Periodic Inventory System and Uses the LIFO

question 120

Multiple Choice

Mansfield Company has a periodic inventory system and uses the LIFO method to assign costs to inventory and cost of goods sold.Consider the following information:

What amounts would be reported as the cost of goods sold and ending inventory balances for the period?

• A) Cost of goods sold $625; Ending inventory $175
• B) Cost of goods sold $755; Ending inventory $225
• C) Cost of goods sold $550; Ending inventory $250
• D) Cost of goods sold $600; Ending inventory $200