Question 22 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? Not yet answered Points out of 3.00 Select one: a. Neither FIFO nor LIFO Flag question b. Both FIFO and LIFO c. LIFO, but not FIFO d. FIFO, but not LIFO Question 23 The Blotto Company made the following two errors in counting ending inventory: Not yet answered Understated 12/31/12 inventory by $3.000 Overstated 12/31/13 inventory by $2,000 Points out of 3.00 Flag question The combination of these two errors will cause: Select one: a. 12/31/13 Retained Earnings to be understated by $2,000 b. 2013 Cost of Goods Sold to be overstated by $3,000 c. 2014 Beginning Inventory to be understated by $1,000 d. 2014 Cost of Goods Sold to be overstated by $2,000 e. 2013 Net Income to be overstated by $1,000