Slver Thread company uses the LIFO method under the perpetual inventory system. Below is some information from the company's inventory Purchase Cost/Unit $12 $5 $20 Date Units Sales Units ly 1-Beg, Inveritory 100 uly 5 Purchase 20 uly 10 Purchase 10 uly 15 Sale The Cost of Goods Sold from the July 15 sale is Oa. $00 Ob. $600. Oc $500. Od. $540. The retall methad of estimating inventory Oa.requires keeping records of both the cost and retail prices of all goods purchased. Obs used to estimate cost of gaods sold and ending inventory. Ocis used mostly by retail businesses, such as department stores. Od Allef these choices are correct. Taking physical inventory O a. ideally should be done when the quantity of goods is at its lowest level. Ob. is frequently done by businesses after regular business hours. Oe under the periodic system, means counting the goods on hand at the end of the period to allocate costs between sold and unsold goods. Od. All of these statements are true.