electronic devices, they will receive a grade of zero for the exar cluding but not limited to notes or tiple Choice (1S points) Write the letter that best answers each question and complete a eet. During a period of steadily rising costs, the inventory valuation method that yields the highest reported net income is: A. Specific identification method. B. LIFO method. C. Weighted-average method. D. Average cost method. E. FIFO method. . Which of the following accounts would be classified as a current asset? A. Supplies B. Land C. Building D. Common Stock E. Accounts Payable 3. Costs included in the Merchandise Inventory account can include all of the following exce A. B. Insurance. Transportation-in. C. Invoice price minus any discount. D. Storage. E. Damaged inventory that cannot be sold. 4. Which of the following accounts would be classified as a current asset? A. Supplies B. Building C. Land D. Accounts Payable E. Common Stock Test 2, V2 Page