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The question displayed in the image asks for the **Cost of Goods Sold (COGS) for October** using the **LIFO Periodic** method. The LIFO (Last In, First Out) Periodic method assumes that the most recent inventory purchases are sold first, meaning older inventory remains in stock.

To compute the COGS using the **LIFO Periodic** method, you would need to:

1. Determine the total inventory purchases during the period.
2. Identify the ending inventory (using the oldest costs, since LIFO sells the newest first).
3. Calculate the COGS by subtracting the ending inventory from the cost of goods available for sale (beginning inventory + purchases).

If you have the inventory data (beginning inventory, purchases, and ending inventory), I can help you with a more detailed calculation.

Would you like help with this specific COGS calculation or any clarifications?

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Here are five follow-up questions for deeper understanding:

1. What is the formula for calculating COGS under the LIFO method?
2. How does the LIFO method differ from FIFO (First In, First Out)?
3. What impact does LIFO have on financial statements during periods of inflation?
4. How would the periodic method differ from the perpetual method in inventory tracking?
5. Can LIFO result in lower taxes during times of rising prices?

**Tip:** LIFO generally results in higher COGS during inflationary periods, reducing taxable income.

Using LIFO Periodic, what is the COGS for October?

Learn how to calculate the Cost of Goods Sold (COGS) for October using the LIFO Periodic method. This problem involves key inventory accounting concepts such as COGS, beginning inventory, and the LIFO assumption.

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