For multiple choice questions, circle one letter that corresponds to the correct answer. For calculation questions, partial credit may be given for any work shown. Each question is worth 4 points, unless noted otherwise. 1. The inventory valuation method that results in the lowest taxable income in a period of inflation is: A. LIFO method B. FIFO method C. Weighted-average cost method D. Specific identification methood E. Gross profit method 2. At the end of the day, the cash register's record shows cash receipts of $1,250, but the count of cash in the cash register is $1,245. The correct entry to record the cash sales for the day is: A. 1.245 as Sales 1.245 B. 1 ,24 5 Cash Cash over and short Sales 1.250 C. Cash 1.250 Sales 1,250 D. Cash 1,250 1.245 Sales Cash over and short Cash over and short Sales