Accounting Practice Problems Periodic Inventory - FIFO, LIFO, and Average Cost Practice Problems Solution: Assume that cost of goods sold is $195,000, and en...

Solution: Assume that cost of goods sold is $195,000, and ending inventory is $55,000 for a company using the FIFO method. If ending inventory for the same period for the same company is $65,000 under the LIFO method, how much is cost of goods sold under the LIFO method? a. $185,000 b. $195,000 c. $205,000 d. cannot be determined from just the information given

Problem

Assume that cost of goods sold is $195,000, and ending inventory is $55,000 for a company using the FIFO method. If ending inventory for the same period for the same company is $65,000 under the LIFO method, how much is cost of goods sold under the LIFO method?

a. $185,000

b. $195,000

c. $205,000

d. cannot be determined from just the information given