68. Which inventory method is often used to estimate the amount of inventory lost or destroyed by theft, fire, or other hazards? a. Lower-of-cost-or-market method b. Gross profit method c. Retail method d. Specific identification method 69. An overstatement of ending inventory in one period results in: a. an overstatement of the ending inventory in the next period. b. an overstatement of income before income taxes in the next period. c. an understatement of income before income taxes in the next period. d. no effect on income before income taxes in the next period. 70. Inventory turnover equals the cost of goods sold divided by: a. Materiality and comparability. | b. Number of days in a year. c. Number of months in a year. d. Cost of goods aviilable for sale