Company P has the following inventory information: Ending Inventory (End-of-Year Price Date Prices) Index December 31, 2021 $ 85,600 100 December 31, 2022 99,100 111 Use the dollar-value LIFO method to compute the ending inventory for 2022. A. $89,684 B. $112,884 C. $99,684 D. $109,884 Company Y uses the gross method to record accounts receivables. If its customer takes advantage of the sales discounts, then Company Y should report the sales discounts as: A. a deduction from sales in the income statement. B. "other expense" in the income statement. C. sales discounts forfeited in the cost of goods sold section of the income statement. D. a deduction from accounts receivable in determining the accounts receivable amount expected to be collected. Which of the following inventory methods will produce the lowest ending inventory when material prices are rising? A. LIFO periodic method. B. LIFO perpetual method. C. average cost method. D. FIFO perpetual method. Identify the long-term investment below: A. Equipment used in the manufacturing process. B. Trademark C. Trading securities D. Land held for speculative purposes If a company has a high degree of financial flexibility, then which of the following statement is false? A. The company can better survive economic downturn B. The company can more easily recover from unexpected setbacks C. The company can better take advantage of unexpected investment opportunities D. None of the above is false (i.e., all true)