Given the same purchase and sales data,and assuming the cost of inventory is rising,the costing methods for inventory will result in different amounts for cost of goods sold.

Question

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Different costing methods such as First In First Out (FIFO), Last In First Out (LIFO), and Weighted Average Cost will result in different amounts for cost of goods sold when the cost of inventory is rising. This is because each method uses a different assumption for the order in which inventory is sold and the cost assigned to it.

Given the Same Purchase and Sales Data,and Assuming the Cost