Mansfield Company Has a Periodic Inventory System and Uses the LIFO

Multiple Choice

Mansfield Company has a periodic inventory system and uses the LIFO method to assign costs to inventory and cost of goods sold.Consider the following information: What amounts would be reported as the cost of goods sold and ending inventory balances for the period?

A) Cost of goods sold $625;Ending inventory $175
B) Cost of goods sold $755;Ending inventory $225
C) Cost of goods sold $550;Ending inventory $250
D) Cost of goods sold $600;Ending inventory $200