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C$1,440.00 D. $1,474.50 E. $342.00 3. Calculate gross profit using periodic LIFO: A. $1,879.70 B. $2,995.00 C. $1,590.50 $1,474.50 E $1,860.50 Raylan Company and Boyd Company are two competing firms in a high-tech industry. Due to recent technological advancements, the purchase price for their products has steadily decreased over the last two years. The inventory reported in Raylan Company's balance sheet is close to the current cost of inventory, whereas Boyd's inventory is considerably above its current cost. Which of the following statements arearue? 4. A Raylan Company is us ing LIFO because its ending inventory is close to curent cost. Bod B. Boyd Company is using LIFO because its net income is-tower-htohe C. Raylan Company is using FIFO because its Cost of Goods Sold is higher. D. Boyd Company is using FIFO because its ending inventory is considerably above its current cost , 18c