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25. During a period of steadily rising costs, the inventory valuation method that yields the highest reported net income is: a. Specic identication method. 6. Average cost method. c. Weighted- average method. d. FIFO method. e. LIFO method. 26. The inventory valuation method that has the advantages of assigning an amount to inventory on the balance sheet that approximates its current cost, and also mimics the actual ow of goods for most businesses is: a FIFO. 1). Weighted average. c. LIFO. d. Specic identication. e. Lower of cost or market. 27. The overstatement of the beginning inventory balance causes: a. Cost of goods sold to be understated and net income to be understated. 1}. Cost of goods sold to be understated and net income to be overstated. c. Cost of goods sold to be overstated and net income to be overstated. d. Cost of goods sold to be overstated and net income to be understated. e. Cost of goods sold to be overstated and net income to be correct. 28. A company reported cost of goods sold for Year 1 and Year 2 as follows: Year 1 Y3\" Beginning inventory 3 12963 $ 13133 Cost of goods purchased 25233 27563 Cost of goods available for sale 37233 40563 Ending inventory 13963 13563 Cost of goods sold $ 24963 $ 27033 The controller of the company made two errors: 1) ending inventory at the end of Year 1 was understated by $15,000 and 2) ending inventory at the end of Year 2 was overstated by $6,000. Given this information, the correct cost of goods sold gure for Year 2 would be: a. $291,000 b. $2?6,000 c. $264,000 d $285,000 e $249,000 29. A company had cost of goods sold of $9,421 million, ending inventory of $2,039 million, and average inventory of $1,965 million. Its inventory tumover equals