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Conservatism in an accounting context means: a) A company should choose the alternative that will result in reporting less net income or less assets b) A company should disclose all information that is important to an investor or creditor c) When an asset is purchased, it is recorded at its cost Which of the following is true about LIFO? a) Ending inventory and cost of goods sold reflect an average of inventory costs b) Cost of goods sold represents the oldest costs c) Costs of goods old represents the most recent costs Use the data below to answer the following question: Date Jan. 1 Units 500 Unit Cost $40 Total Cost $20,000 Explanation Beginning Inventory Purchase Purchase Purchase May 9 Sep. 25 Nov.5 350 200 700 1,750 $41 $42 $43 $14,350 $8,400 $30,100 $72,850 Assume the company uses FIFO and 1,100 units were sold during the period. Calculate cost of goods sold. a) $44,900 b) $27,950 c) $26,150 LIFO