A physical count of the inventory on September 30 reveals that there are 400 units on hand. Using a LIFO cost flow assumption, the value of the ending inventory on August 31 is:

a) $64,550

b) $65,500

c) $61,000

d) $60,000

A physical count of the inventory on September 30 reveals that there are 400 units on hand. Using a LIFO cost flow assumption, determine the cost of goods sold:

a) $140,000

b) $144,500

c) $140,950

d) $141,750

DO NOT COPY FROM CHEGG, OR I HAVE TO REPORT. PLEASE ATTEMPT IF YOU CAN ANSWER BOTH.