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The selection of an appropriate inventory cost flow assumption for an individual company is made by the internal auditors. management. the external auditors. the SEC. In periods of inflation, phantom or paper profits may be reported as a result of using the FIFO costing assumption. LIFO costing assumption. perpetual inventory method. periodic inventory method. When applying the lower of cost or market rule to inventory valuation, market generally means current replacement cost. original cost, less physical deterioration. original cost. resale value. The ledger of Thurston Rental Agency on March 31 of the current year includes these selected accounts before adjusting entries have been prepared. Prepaid Insurance Supplies Equipment Accumulated Depreciation Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Wage Expense Debits Credits $3,600 3,190 25,000 $8,400 0 14,000 20,000 10,422 60,000 An analysis of the accounts shows the following. 1. 2. 3. 4. 5. The equipment depreciates $230 per month. Half of the unearned rent revenue was earned during the quarter. Interest of $475 is accrued on the notes payable. Supplies on hand total $592. Insurance expires at the rate of $128 per month. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Date Account/Description Debit Credit 1) Mar. 31 2) Mar. 31 3) Mar. 31 4) Mar. 31 5) Mar. 31 Kiser Company reports the following for the month of June. Date June 1 June 12 June 23 June 30 Explanation Units Inventory Purchase Purchase Inventory Unit Cost 202 605 807 323 $8 10 11 Total Cost $1,616 6,050 8,877 Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) (For average cost, round unit cost to 3 decimal places, e.g. 2.575. Round final answers to 0 decim e.g. 5,775.) FIFO Ending Inventory Cost of Goods Sold Which costing method gives the highest ending inventory. Which costing method gives the highest cost of goods sold. How do the averagecost values for ending inventory and cost of goods sold relate goods sold for FIFO and LIFO? For ending inventory, average cost is than LIFO and than FIFO. For cost of goods sold, average cost is than FIFO and than LIFO