62. total of $240 and used FIFO costing, the gross profit for the period would be a. $65. The LIFO inventory method assumes that the cost of the latest units purchased are c. the first to be allocated to cost of goods sold.aden Shoe Store has a beginning merchandise inventory of $15,000. During the period, purchases were $60,000; purchase returns, $2,000; and freight-in $5,000. A physical count of inventory at the end of the period revealed that $10,000 was still on hand.
PPG Pittsburgh Paints is a registered trademark of PPG Architectural Finishes, Inc. Dulux is a registered trademark of AkzoNobel and is licensed to PPG Architectural Coatings Canada, Inc. for use in Canada only.
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