1. The Income Statement is presented using the accrual method of accounting rather than presenting actual Cash flow. Why is this important to know? 2. The LIFO method of inventory costing generally results in the matching of current costs with current revenues and therefore produces higher-quality (matched more accurately to costs) earnings. How does this affect the presentation of Cost of Goods Sold? 3. The gross profit margin and Cost of Goods Sold_are complements of each other and the two percentages always add up to 100%. What method of data presentation do we use to show this breakdown and why is it important? 4. Why would an investor want to see a Segmented Accounting Income statement rather than the easier to read consolidated statement? 5. Explain EBITDA and why do we use it compared to net income