D 25. Which of the following methods of inventory valuation results in the higher value for cost of goods sold in times of rising inventory prices? Last-in, first-out First-in, first-out Weighted average cost Net realisable value 26. The excess of the cost of acquisition of a company over the fair value of its net identifiable assets is known as: surplus abatement amortisation goodwill 27 Gant Limited reported a $15,000 increase in inventory and a $5,000 increase in accounts payable during the year. Cost of Sales for the year was $150,000. The cash payments made to suppliers were: $130,000 $150,000 $145,000 $160,000 28. Tracy Co had a cost of sales during the year just ended of $180 000. During the year accounts payable and inventory each increased by $16 000. What amount of cash was paid for purchases during the year? $152,000 $160,000 $176,000 $180,000