1. In what type of system is inventory system is usually updated at the end of the period and does not track every transaction? a. Dynamic Inventory System b. Perpetual Inventory System C. Periodic Inventory System d. Specific Identification Inventory System system will 2. A system during falling costs will give you higher net income and a report inventory on the balance sheet closer to replacement costs. a. FIFO, FIFO b. LIFO, FIFO C. FIFO, LIFO d. LIFO, LIFO 3. Calculate COGS and Ending Inventory using a periodic LIFO inventory cost flow system: # of Units Cost per Unit 1/1/2018 Beginning Inventory 400 $8 1/2/2018 Purchase 200 $9 1/6/2018 Sale 100 1/11/2018 Purchase 200 $10 1/15/2018 Sale 100