1. Earl Co. was formed on January 2, 2007, to sell a single product. Over a two- year period, Earl's acquisition costs have increased steadily. Physical quantities held in inventory were equal to three months' sales at December 31, 2007, and zero at December 31, 2008. Assuming the periodic inventory system, the inventory cost method which reports the highest amount of each of the following is Inventory December 31, 2007 LIFO LIFO FIFO FIFO Cost of Goods Sold 2008 FIFO LIFO FIFO LIFO
1. Earl Co. was formed on January 2, 2007, to sell a single product. Over a two- year period, Earl's acquisition costs have increased steadily. Physical quantities held in inventory were equal to three months' sales at December 31, 2007, and zero at December 31, 2008. Assuming the periodic inventory system, the inventory cost method which reports the highest amount of each of the following is Inventory December 31, 2007 LIFO LIFO FIFO FIFO Cost of Goods Sold 2008 FIFO LIFO FIFO LIFO
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