10. Which inventory costing method generally results in the most recent costs being assigned to ending inventory? O A. LIFO. B. FIFO. C. Weighted average cost. D. Simple average cost. E. Specific identification. 11. When a company makes an adjustment in anticipation of future uncollectible debts: - it debits an asset account and credits a liability account. A. B. it debits a revenue account and credits an asset account. C. it debits a revenue account and credits an expense account. it debits an expense account and credits a contra-asset account. E. it credits an expense account and debits an asset account. 12. The inventory records for Raymond Co. reflected the following: Beginning Inventory @ May 1st 200 units @ $1.00 First Purchase @ May 7th 300 units @ $1.10 Second Purchase @ May 17th 400 units @ $1.20 Third Purchase @ May 23rd 100 units @ $1.30 What is the weighted average cost per unit for May? A. $1.22 B.$1.15 OC.$1.14 OD.$1.31