Overstating closing inventory on the current year's financial statements results in:

Select one:

a$.$ understating net income

b$.$ overstating sales

c$.$ overstating gross profit

d$.$ understating gross profit

Which one of the following methods of inventory costing produces ending inventory cost close to the market value?

Select one:

a$.$ Periodic Inventory

b$.$ Weighted$-$average method

c$.$ Specific Identification

d$.$ FIFO