139 18. Use this information to answer the following question 140 141 Oct 1 Inventory 200 units @ $12.00 142 Oct 6 Purchase 300 units @ $13.20 143 Oct 13 Purchase 100 units @ $14.40 144 Oct 20 Purchase 200 units @ $15.60 145 Oct 25 Purchase 40 units @ $16.80 146 Total sales 620 units 147 148 A periodic inventory system is used 149 150 Using LIFO, the cost assigned to ending inventory is 151 $3.480.00 152/ $8,112.00 $2,664.00 154 d. $8,928.00 155 156 19. Which of the following inventory methods when used for income tax purposes must also be used for reporting purposes? 157 a Specific identification 158 b. LIFO FIFO 160 d. Average-cost 161 162 163 164 153 159 EE