The following information pertains to Julia & Company: March 1 Beginning inventory = 30 units @ $5 March 3 Purchased 15 units e $4 March 9 Sold 25 units e $8 What is the cost of goods sold for Julia & Company assuming it uses LIFO? Multiple Choice $125 $100 $110. LIFO is considered an income statement approach for reporting inventory because it: Multiple Choice Always results in a higher amount of net income being reported Better approximates the value of ending Inventory Better approximates inventory cost necessary to generate revenue. Always results in a lower amount of net income being reported Which Inventory cost flow assumption more realistically matches the current cost of inventory with current sales revenue? Multiple Choice FIFO LIFO. Welghted average. Lower of cost and net realizable value. The choice of Inventory cost flow assumptions affects which of the following amounts? Multiple Choice Inventory Cost of goods sold Gross profit. All of the other answers are affected by the Inventory cost flow assumption