For comparative purposes a company keeps its inventory records on both a LIFO and FIFO basis. Information relevant to the year 2015 for both method is: If the inventory is accounted for using LIFO (applied on a yearly periodic basis), the costs of goods sold for the year 2015 is: $888, 500 $890,000 $904,000 $908,000 $911,000 If the inventory is accounted for using FIFO, the gross profit for the year 2015 is: $481,000 $469,000 $463,000 $463,000 $461,000