Estimates of price$-$level changes for specific inventories are required for which of the following

inventory methods?

A$.$ Conventional retail.

B$.$ Dollar$-$value LIFO.

C Weighted average cost.

D$.$ Average cost retail.

On June $1,$ Year $2,$ Archer Inc. issued a purchase order to Cotton Co$.$ for a new copier machine. The

machine requires one month to produce and is shipped FOB destination on July $1,$ Year $2,$ and is

received by Archer on July $15,$ Year $2.$ Cotton issues a sales invoice dated July $2,$ Year $2,$ for the

machine. As of what date should Archer record a liability for the machine?

A$.$ June $1,$ Year $2.$

B$.$ July $1,$ Year $2.$

C$.$ July $2,$ Year $2.$

D$.$ July $15,$ Year $2.$