Ace Auto Supply Uses a Perpetual Inventory Record

Multiple Choice

Ace Auto Supply uses a perpetual inventory record. On March 10, the company sells two Shelby four-barrel carburetors. Immediately prior to this sale, the perpetual inventory records indicate three of these carburetors on hand, as shown below: With respect to the sale on March 10: (More than one of the following answers may be correct.)

A) If the average cost method is used, the cost of goods sold is $460.
B) If these carburetors have identification num?bers, Ace must use the specific identification method in determining the cost of goods sold.
C) If the company uses LIFO, the cost of goods sold will be $15 higher than if it were using FIFO.
D) If the company uses LIFO, the carburetor remaining in inventory after the sales will be assumed to have cost $220.