O AutoSave OCH H File Home Insert Design second exam. Layout References Mailings Zakari, Salu Review View 2 - Help Grammarly 26) 26) Which of the following inventory costing methods yields the highest net income during a period of rising inventory costs? A) last-in, first-out B) first-in, first-out C) weighted average D) specific identification 27) - 27) Which of the following inventory costing methods yields the lowest net income during a period of rising inventory costs? A) specific identification B) last-in, first-out C) first-in, first-out D) weighted average 28) 28) Which of the following inventory valuation methods minimizes income tax expense during a period of rising inventory costs? A) weighted average B) specific identification C) last-in, first-out D) first-in, first-out 29) . GAAPZ 29) Which of the following values is considered the market value when valuing inventory at lower of-cost-or-market under U.S. GAAP? A) current replacement cost B) sales price less the company's normal mark-up percentage c) historic cost D) cost plus the company's normal mark-up percentage 30) 30) Which of the following amounts would be reported as Merchandise Inventory on the balance sheet of a company if the cost of an item is $120 and the current replacement cost is 580? A) 5120 B) $200 C) The average of $80 and $120 D) $50 31) 31) When a company uses the perpetual inventory method, which of the following would be the entry to adjust inventory to lower-of-cost or market? Page 4 of 8 2465 words D English (United States) D) Focus Lo- 100 11:37 AM Q WENG 11/1/2019 hp