a. What is the cost of goods sold and cost in ending inventory for fiscal 2018, assuring the company used FIFO.

b. What is the cost of goods sold and cost in ending inventory for fiscal 2018 assuring the company used LIFO

c. What is the LIFO Reserve at the end of 2018.

d. Indicate what would happen to profits under LIFO next period if the LIFO Reserve is completely liquidated.

3 Fischer, Inc, the had the following inventory in fiscal 2018 Begining toventory, Jlanuar 1. 2018: 130 units n $10.00 Purchase 200 units $12.00 Purchase 5 Purchase 110 units$10.50 0 units @ $9.00 Ending Inventory, December 31, 2018: 120 units a. What is the cost of goods sold and cost in ending inventory for fiscal 2018, assuming the e cost of goods sold and cost in ending inventory for fiscal 2018 assuming the company used FIFO b. What is th company used) LIFO c. What is the LIFO Reserve at the end of 2018. dr inawhat would happen to profits under LIFO next period if the LIFO Reserve is completely liquidated. a) FIFO: Costs of goods available for sale* Less Ending Inventory Cost of goods sold Cost in ending inventory Costs of goods available for sale* Less Ending Inventory Cost of goods sold b) LIFO Cost in ending inventory c) LIFO Reserve = d) If the LIFO Reserve is completely liquidated, then