1. During an inflationary period, which inventory costing alternative will result in the lowest ending inventory balance? A. FIFO B. LIFO C. weighted average D. all inventory costing alternatives will result in the same net income E. none of the above are correct I know the right answer is LIFO, but explain me why. 2. Charging the cost of ordinary repairs to the equipment account during the current year would: A. understate net income for the current year B. overstate stockholders' equity at the end of the current year C. not effect the total assets at the end of the current year D. overstate the total liabilities at the end of the current year E. not effect the net income for the current year I know B is the right answer, I need explanation as well. Thanks