A post-closing trial balance will

1)	contain only statement of financial position accounts.

2)	be prepared before closing entries are posted to the ledger.

3)	none of the answer is correct.

4)	contain only income statement accounts.

5)	contain both income statement and statement of financial position accounts.

Which of the following financial statements are affected by the use of the lower of cost and net realizable value basis?

1)	only the statement of financial position

2)	neither the statement of financial position nor the income statement

3)	only the income statement

4)	both the statement of financial position and the income statement