How would switching from FIFO to LIFO affect a company's financial statements in a period of rising prices $($i$.$e$.,$ an inflationary economy$)?$ Remember to give consideration to tax implications.

After a physical count of its inventory, Whetzel Co$.$ discovered that $$400$ of inventory is missing. Show how the required write$-$down of inventory would affect Whetzel Co$.\text{'}$s statements.

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Banks Company recognized $$3,000$ of depreciation expense on a delivery van.

Chavez Company replenished its petty cash fund. The expenditures of the fund included expenditures of supplies and other miscellaneous items. Indicate the effects of recognizing the

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Stan's Surf Shack purchased $5$ surfboards for $$200$ each. Later it purchased $2$ more surfboards for $$250$ each. Stan's uses the perpetual inventory system. Assume that $6$ surfboards were sold during the period for $$350$ cash each.

$10.$ How would the sale affect the financial statements if Stan's Surf Shack uses the LIFO inventory cost flow method?

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