first-in, frst-out or average costr lp to (L.O. 3-2) (Easy-10 minutes) Accrual accounting and need for estimates P3-8. an estimate that is required in the For each of the following financial statement items, identify measurement of that item on the financial statements utes) the mic pts Item a. Accounts receivable b. Inventories Equipment d. Warranty liability e. Sales revenue f. Revenue from long-term contract g Cost of goods sold rt