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apter 5. Assuming the data given in No. 1, determine the total cost of the 15 units on hand at the end of the period assuming a periodic inventory system and the average costing method. a, S80 b. $90 . $99 d. $120 6. During a period of nising prices, the inventory costing method that wilrest n the lowest amount of net income is a. fifo b. lifo c. average cost d. perpetual 7. If the replacement price of an item of inventory is lower than its cost, the use of the lower of cost or market method: a. is not permitted unless a perpetual inventory system is maintained b. is recommended in order to maximize the reported net income c. tends to overstate the gross proft d. reduces gross profit for the period in which the decline occurred 8. When lifo is strictly applied to a perpetual inventory system, the unit cost prices assigned to the ending inventory will not necessarily be those asso- ciated with the earliest unit costs of the period if a. a physical inventory is taken at the end of the period b. physical inventory records are maintained throughout the period in terms of quantities only c. at any time during a period the number of units of a commodity sold exceeds the number previously purchased during the same period d. moving average inventory cost is maintained 9. If merchandise inventory at the end of the period is understated a. gross profit will be overstated b. stockholders equity (retained earnings) will be overstated c. net income will be understated d. cost of merchandise sold will be.understated If merchandise inventory at the end of period 1 is overstated and at the end of period 2 is correct a. gross profit in period 2 will be understated b. assets at the end of period 2 will be overstated c. stockholders' equity (retained eanings) at the end of period 2 will be 10. understated d. cost of merchandise sold in period 2 will be understated