advisor.hccfl.edu Reading 1--The goal of not overstating assets or earnings applied to the 2--Explain the materiality concept. principle/concept. 3--The disclosure principle states that a business should disclose all major accounting methods and procedures in the 4--The Jeanithe Boutique began the year with 120 blouses that cost $9 each and during the year purchased an additional 240 blouses at $10 each. The Jeanithe Boutique sold a total of 300 blouses at $15 each. The Jeanithe Boutique uses a perpetual inventory system and the FIFO method to cost its inventory. What amount of gross profit should The Jeanithe Boutique report for the year? 5--The Steven Little Tire Center began 2023 with 150 tires that cost $70 each. During March, 2023, Steven Little Tire sold 50 tires. During June, 2023 Steven Little Tire purchased an additional 175 tires at $76 each. During October, 2023 Steven Little Tire sold 175 tires. Determine Steven Little Tire's Cost of Goods Sold for the year ended 31 December 2023. Please note that in accordance with GAAP, The Steven Little Tire Center uses a perpetual inventory system and the LIFO method to cost its inventory. 6--The A Ziegler Co. reported sales of 450 units at $35 each; purchases of 400 units at $20 each and a beginning inventory of 100 units at $16 each for the year ended 31 December 2023. A Ziegler Co.'s income statement for the year ended 31 December 2023 reported cost of goods sold of $8 800. Which costing method does the A Ziegler Co. use? 7--In an inflationary economy, which inventory costing method minimizes income tax expense? Why