High Flyers Furniture uses a perpetual inventory system. On March 10, the company sold two mid-century striped sofas. Immediately prior to this sale, the perpetual inventory records indicate three of these sofas on hand as follows: Which of the following statements is incorrect regarding the March 10 sale? If the company uses LIFO, the sofa remaining in inventory after the sales will be assumed to have a cost of $220. If the average cost method is used, the cost of goods sold is $460. If these sofas have identification numbers, High Flyers Furniture must use the specific identification method to determine the cost of goods sold. If the company uses LIFO, the cost of goods sold will be $15 higher than if it were using FIFO