If ending merchandise inventory is misstated at the end of period 1 , which of the following accounts will be misstated at the end of period 1 ? 1. Merchandise inventory 2. Cost of Goods Sold 3. Net Income and Equity 4. All the above 5. Both 1 and 2 Poll Question \#6 If costs are declining, will the LIFO or FIFO method of inventory yield the lower cost of goods sold? 1. LIFO 2. FIFO Poll Question \#7 If costs are declining, will the LIFO or FIFO method of inventory yield the lower ending merchandise inventory balance? 1. LIFO 2. FIFO Poll Question \#9 If costs are increasing, will the LIFO or FIFO method of inventory yield the lower ending merchandise inventory balance? 1. LIFO 2. FIFO Poll Question \#8 If costs are increasing, will the LIFO or FIFO method of inventory yield the lower cost of goods sold? 1. LIFO 2. FIFO