kam III 5.In a period of rising prices, FIFO will have OOO 10 ibnsdora a. lower net income than LIFO. b. lower cost of goods sold than LIFO. c. lower income tax expense than LIFO. d. lower net purchases than LIFO. 16.The inventory turnover is computed by dividing cost of goods sold by a. beginning inventory. b. ending inventory. c. average inventory. d. 365 days. 17. Barley Company developed the following information about its inventories realizable value (LCNRV) basis in valuing inventories: Product Cost Net Realizable Value $115,000 $120,000 80,000 73,000 158,000 162,000 If Barley applies the LCNRV basis, the value of the inventory reported on tl a. $346,000. b. $353,000 c. $355,000. d. $362,000. 18.Interest is usually associated with a. accounts receivable. b. notes receivable. c. doubtful accounts. d. bad debts