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5. Which of the following is true regarding the use of LIFO for inventory valuation? A) If LIFO is used for external financial reporting, then it must also be used for internal reports. B) For purposes of external financial reporting, LIFO may not be used with the lower of cost or market approach. C) IF LIFO is used for external financial reporting, then it cannot be used for tax purposes. None of these answers are correct. 6. Morgan Manufacturing Company has the following account balances at year endi Office supplies $ 4,000 Raw materials 27,000 Work-in-process 59,000 Finished goods 97.000 Prepaid insurance 6,000 What amount should Morgan report as inventories in its balance sheet? A) $97,000. B) $101,000. C) $183,000. D) $187,000. 7. Hudson, Inc. is a calendar-year corporation. Its financial statements for the years 2021 and 2020 contained errors as follows: 2021 2020 $9,000 overstated $24.000 overstated Ending inventory Depreciation expense S6,000 understated $18,000 overstated Assume that the proper correcting entries were made at December 31, 2020. By how much will 2021 income before taxes be overstated or understated? A) $3,000 understated B) $3,000 overstated C) $6,000 overstated D) $15,000 overstated