1) Tyler Products Ltd uses a periodic inventory system. The allocation of the cost of goods available for sale for Tyler Products Ltd is shown below: Units Unit Cost Total Cost Beginning Inventory, 1 January 10 $20 $200 Purchase, 5 April 20 $22 $440 Purchase 15 August 30 $24 $720 Purchase, 2 November 40 $26 $1,040 Total 100 $2,400 If 40 units are on hand at 31 December, what is the cost of ending inventory and cost of goods sold under LIFO?

Select one: a. $1,000 and $1,400 b. $960 and $1,440 c. $880 and $1,520 d. $1,040 and $1,360

2)

Under a periodic inventory system, the LIFO method agrees with the actual physical flow of inventory.

Select one:

True

False