Acceptable methods of assigning specifie costs to inventory and cost of goods sold include all of the following except: 12) A) FIFO method. B) Specific identification method. C) Weighted average method. D) LIFO method. E) Retail method. 13) A company's normal selling price for its product is $20 per unit. However, due to 13) market competition, the selling price has fallen to $15 per unit. This company's current inventory consists of 200 units purchased at $16 per unit. Replacement cost has fallen to S13 per unit. Calculate the value of this company's inventory at the lower of cost or market. A) $2,550. B) $3,200. C) $2,700. D) s3,000. E)$2,600. 14) When costs to purchase inventory regularly decline, which method of inventory costing 14)_ will yield the lowest gross profit and income? A) LIFO. B) FIFO. C) Weighted average. D) Gross margin. E) Specific identification. 15) Given the following information, determine the cost of the inventory at June 30 using 15) the LIFO perpetual inventory method. 15 units at $20 nning inventory each June 1 Begin June 15 Sale of 6 units for $50 June 29 each 8 units at $25 each Purchase The cost of the ending inventory is: A) $380 B) $200 C) $220 D) $300 E) $275