A company began operations on January 1. It purchased three shredders as part of its inventory. The first shredder had a cost of $46; the second one cost $53; and the third shredder cost $75. The company decided to use LIFO and sold two shredders in January. If the company had used FIFO, by how much would gross profit for the period be greater or less than using the LIFO method? Gross profit would be $29 less. Gross profit would be $29 greater. Gross profit would be the same because only the inventory cost changes. Gross profit would be $22 less. Which one of the following is not an objective of internal control? O To ensure compliance with laws and regulations To safeguard assets To enhance the reliability of financial statements To guarantee the accuracy of the accounting records