29. In a period of rising costs, which inventory the highest possible balance of inventory on the balance sheet? valuation method would a company likely choose if they want to have eighted-average cost B. FIFO. IFO Periodic. 30-32. During 2018, Liberty Company has the following inventory transactions. Units Cost Total Cost 10 $430 Date Transaction $4,300 Jan. 1 Beginning inventory 10,340 Apr. 9 Purchase 470 18 7.200 Oct. 4 Purchase 400 $21,840 Jan. 1-Sales Dec. 31 Required: Using FIFO with a periodic inventory system, calculate cost of goods sold, ending inventory