1--The goal of not overstating assets or earnings stems from or has its basis in the principle/concept. 2--Explain the materiality concept. 3--The disclosure principle states that a business should disclose all major accounting methods and procedures in the 4--Hong's boutique began the year with 120 blouses that cost $9 each and during the year purchased an additional 240 blouses at $10 each. Daviana, owner of the boutique, sold a total of 300 blouses at $15 each. Daviana maintains a perpetual inventory system and has opted on the FIFO method to cost its inventory. What amount of gross profit should Daviana report for the year? 5--The Lisa Tire Center (LTC) began 2023 with 150 tires that cost $70 each. During March, 2023, Lisa, CEO of LTC, sold 50 tires. During June, 2023 LTC purchased an additional 175 tires at $76 each. During October, 2023 LTC sold 175 tires. Determine LTC's Cost of Goods Sold for the year ended 31 December 2023. Please note that in accordance with GAAP, GTC uses a perpetual inventory system and opted on the LIFO method to cost 6--The Alyssa Co. reported sales of 450 units at $35 each; purchases of 400 units at $20 each and a beginning inventory of 100 units at $16 each for the year ended 31 December 2023. The Alyssa Co.'s income statement for the year ended 31 December 2023 reported cost of goods sold of $8800. Which costing method does The Alyssa Co. use? 7--In an inflationary economy, which inventory costing method minimizes income tax expense? Why