If a fire occurs between the end of period 1 and the end of period 2, and inventory records are damaged, which of the following is true?

Multiple Choice

A. We can likely estimate ending inventory using the LCM inventory valuation method.

b. We will need to restate ending inventory for period 1 in addition to estimating ending inventory for period 2.

c. We can use the formula (SP C)/SP = GP % to estimate ending inventory for period 2.

d.GAAP does not allow ending inventory estimation.

e. We cannot calculate ending inventory for period 2 for the balance sheet until we recover the lost information from the fire.