12. In a period of rising inventory costs, the lowest taxable income is most likely reported by a company that is using which of the following inventory methods?

	a.	LIFO
	b.	Specific Identification
	c.	FIFO
	d.	Average Cost

13. Which of the following inventory cost flow assumptions causes the value of ending inventory to most accurately reflect the most recently purchased inventory?

	a.	FIFO
	b.	LIFO
	c.	Average Cost
	d.	Specific Identification

15. In a period of rising costs, which inventory valuation method would a company likely chose if they want to have the highest possible balance of inventory on the balance sheet?

	a.	FIFO
	b.	LIFO
	c.	Average Cost
	d.	Specific Identification