Two companies report the same cost of goods available for sale, but - 15557

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Request Description

Two companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, which statement is true?
The company using
     The company using FIFO will have the highest ending inventory.
     The company using LIFO will have the lowest cost of goods sold.
     The company using LIFO will have the highest ending inventory.
     The company using FIFO will have the highest cost of good sold.

                                       

Solution Description

Two companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, which state