During periods of falling prices and frequent purchases and sales, a perpetual inventory system would result in a different dollar amount of Cost of Goods Sold than a periodic inventory system under which of the following inventory cost flow methods? Select one: a. Neither FIFO nor LIFO b. Both FIFO and LIFO c. LIFO, but not FIFO d. FIFO, but not LIFO 3....... 

The Blotto Company made the following two errors in counting ending inventory: Understated 12/31/12 inventory by $2,000 Understated 12/31/13 inventory by $3,000 The combination of these two errors will cause: Select one: a. 12/31/13 Retained Earnings to be understated by $3,000 b. 2013 Cost of Goods Sold to be overstated by $3,000 c. 2014 Beginning Inventory to be overstated by $1,000 d. 2014 Cost of Goods Sold to be understated by $1,000 e. 2013 Net