Scator=assignment-ta Ending inventory is made up of the oldest purchases when a company uses Oa. retail method. Ob. last-in, first-out. c. average cost Od. first-in, first-out. The inventory costing method that reports the most current prices in ending inventory is Oa. LIFO. Ob. average cost. Oc. FIFO Od. specific identification. When using a perpetual inventory system, the journal entry to record the cost of goods sold is: debit Cost of Goods Sold; credit Sales debit Cost of Goods Sold; credit Inventory debit Inventory, credit Cost of Goods Sold No journal entry is made to record the cost of goods sold.