Assuming that Anderson uses the LIFO flow assumption, it should record this inventory shrinkage by:
A) Debiting Cost of Goods Sold $7,000.
B) Crediting Cost of Goods Sold $7,500.
C) Debiting Cost of Goods Sold $7,500.
D) Crediting Cost of Goods Sold $7,000.

Question

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The Answer of Assuming that Anderson uses the LIFO flow assumption, it should record this inventory shrinkage by:
A) Debiting Cost of Goods Sold $7,000.
B) Crediting Cost of Goods Sold $7,500.
C) Debiting Cost of Goods Sold $7,500.
D) Crediting Cost of Goods Sold $7,000.

Assuming That Anderson Uses the LIFO Flow Assumption, It Should