Choose the correct answer: The relationship inventory and cost of goods sold when the First in First Out (FIFO) cost flow assumption is used provides that: a. Inventory is lower and cost of goods sold higher b. Inventory is higher and cost of goods sold is lower c. Inventory and cost goods sold figures fall somewhat in the middle compared with other inventory cost flow assumptions d. There is no relationship between inventory and cost of goods sold at all Vertical analysis of a balance sheet item is a technique that expresses each item analyzed a. comparing the change of the item between year beginning and end b. comparing the item in respect certain other items within the same balance sheet c. in terms of a percentage of total assets or total liabilities and stockholders' equity within the same balance sheet. d. comparing the item with a similar item on the balance sheet of another company. Depreciation expense is an estimate which allocates to expense an asset's c