5. In the period of declining prices, which of the following inventory methods generally results in the lowest income statement amount of Cost of goods sold? a. FIFO b. LIFO c. Weighted Average Cost d. Specific Identification 6. Bright Eyes uses a podic inventory system. When employees count the inventory on December 31, 2021, the accidentally count one box of eyeglasses twice, resulting in 2021 ending inventory being overstated by $10,000 The employees count the December 31, 2022 inventory correctly. Which of the following statements is true related to Bright Eyes' 2022 and 2021 financial statements? a. 2021 Cost of Goods Sold will be overstated by $10,000. b. 2021 Beginning Inventory will be understated by $10,000. c. 2022 Cost of Goods Sold will be overstated by $10,000. d. 2022 Beginning Inventory will be understated by $10,000. e. None of the above are true. 7. On May 4, 2022, Beetle Company purchased merchandise worth $32,000 on credit from Meadow, Inc., terms 1/10, n/30, FOB destination. The items arrived at Beetle's warehouse on May 6, and Beetle paid for the purchase on May 7. Which company owned the goods in transit? a. Beetle Company b. Meadow, Inc. c. Impossible to tell. d. Neither company owned the goods in transit.