Moore Company purchased an item for inventory that cost dollar 20 per unit and was priced to sell at dollar 30. It was determined that the disposal cost is dollar 12 per unit. Using the lower of cost or net realizable value (LCM) rule, what amount should be reported on the balance sheet for inventory? dollar 18. dollar 20. dollar 10. dollar 8. Which of the following costs is not included as inventory on the balance sheet? Raw materials to be used in the manufacturing process. Work in process. Finished goods. Freight-out costs for finished goods sent to retailers. Under the FIFO cost flow assumption during a period of rising costs, which of the following is false? Income tax expense will be higher under FIFO than under LIFO. Net income will be higher under FIFO than under LIFO. Ending inventory will be lower under FIFO than under LIFO. Cost of goods sold will be lower under FIFO than under LIFO. Lauer Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers