1. Topic-COGS Cost of Goods Sold Using FIFO Method vs. LIFI Method - a. Arnold, Inc. had the following inventory in fiscal 2016. The company wants to COMPARE the FIFO method of accounting for inventory against the LIFO method. b. What is the company's cost of goods sold for fiscal 2016 using the FIFO method? $8,275 c. What is the company's cost of goods sold using the L.FO method? $3,511 \$ $7,435 How did you compute the cost of Goods Sold? FIFO=840+3,600+675+3,160=$8,275LIFO=16019.75=3,160LIFO=5013.50=675LFO=20018=3,600UIFO=7,435