Can you please answers all of the questions for 5.7

iPad 8-31 pm Financial Accounting: Reporting, Analysis and Decision Making, 6th Edition Aa a 5.6 Which assumed inventory cost flow method: a. usually parallels the actual physical flow of inventory? b. assumes that goods available for sale during an accounting period are similar in nature? c. assumes that the latest units purchased are the first to be sold? 5.7 In a period of decreasing prices, the inventory reported in Lee Ltd's statement of financial position is close to the current cost of the inventory, whereas Lam Ltd's inventory is considerably above its current cost. Identify the inventory cost flow method used by each entity. 5.8 Nancy Drews is studying for the next accounting examination. What should Nancy know about (a) departing from the cost basis of accounting for inventories and (b) the meaning of net realisable value in relation to accounting for inventories? 5.9 'When perpetual inventory records are kept, the results under the FIFO and LIFO methods are the same as they would be in a periodic inventory system.'Do you agree? Explain. 5.10 Peta Ltd discovers in 2020 that its ending inventory at 30 June 2019 was $5000 understated. What effect will this error have on (a) 2019 profit, (b) 2020 profit, and (c) the combined profit for the 2 vears