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empate cost of goods sold, assuming Ehlo uses: a. Periodic system, FIFO cost flow. b. Perpetual system, FIFO cost flow. c. Periodic system, LIFO cost flow. d. Perpetual system, L.rFO cost flow. e. Periodic system, weighted-average cost flow. f. Perpetual system, moving-average cost flow. 8.7 (LO 3) Croumork (Financial Statement Effects of FIFO and L.IFO) The management of Tritt Company has asked its accounting department to describe the effect pon the company's financial position and its income statements of accounting for inventories on the L.IFO rather than the FIFO basis during 2020 and 2021 . The accounting epartment is to assume that the ehange to LIFO would have been effective on January 1, 2020, and that the initial LIFO base would have been the inventory value on Decernber 1, 2019. The following are the company's financial statements and other data for the years 2020 and 2021 when the FIFO method was employed. e. Periodio system, weighted-average cost flow. f. Perpetual system, moving-average cost flow. P8.7 ( LO3) Groupwork (Financial Statement Effects of FIFO and L.IFO) The management of Tritt Company has asked its accounting department to descr upon the company's financial position and its income statements of accounting for inventories on the LIFO rather than the FIFO basis during 2020 and 2021 . The department is to assume that the change to LIFO would have been effective on January 1,2020, and that the initial LIFO base would have been the inventory valu 31,2019 . The following are the company's financial statements and other data for the years 2020 and 2021 when the FIFO method was employed. Other data: 1. Inventory on hand at December 31,2019 , consisted of 40,000 units valued at $3.00 each. 2. Sales (all units sold at the same price in a given year): 2020150,000units&$6,00each2021180,000units$7.50each 3. Purchases (all units purchased at the same price in given year): 2020-150,000unitsof$3.50each2021-180,000units854,40each 4. Income taxes at the effective rate of 40% are paid on December 31 each year. Periodic Perpetual - FIFO Perpetual - LIFO Perpetual Moving Average - You must calculate a new average every time you make a purchase. 3 4 5 6 7 8 9 10 11 20-Feb 2-Apr 4-Nov Date Purchased Sold Balance 1.Jan 4-Feb 12 13. 14 15 16 17 18 19 20 21. 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 An COGS: Ending Inventory: Ready Periodic Perpetual FIFO Perpetual LIFO Perpetual Moving Average