If a fire occurs between the end of period 1 and the end of period 2, and inventory records are damaged, which of the fo

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If a fire occurs between the end of period 1 and the end ofperiod 2, and inventory records are damaged, which of the followingis true?
Multiple Choice
A. We can likely estimate ending inventory using the LCMinventory valuation method.
b. We will need to restate ending inventory for period 1 inaddition to estimating ending inventory for period 2.
c. We can use the formula (SP − C)/SP = GP % to estimate endinginventory for period 2.
d.GAAP does not allow ending inventory estimation.
e. We cannot calculate ending inventory for period 2 for thebalance sheet until we recover the lost information from thefire.