Prices have been rising during recent years. Companies Able and Baker are identical in operations except Able accounts for its inventory using FIFO and Baker accounts for its inventory using LIFO. Regarding the effects of this difference in inventory choice, which of the following statements is true? A. the inventory amount on Able's balance sheet less closely approximates current costs than does the inventory on Baker's balance sheet B. the cost of goods sold for Able more closely approximates current costs than does the cost of goods sold for Baker the total assets on Able's balance sheet are more than Baker's total assets Baker's net income is greater than Able's net income both (a) and (c) are correct F150 During May, XYZ Company paid its employees $36,000 cash as salaries. The salaries payable account at May 1 had a balance of $4,000 while the salaries payable account at May 31 had a balance of $8,000. The amount of salaries expense shown on the income statement for May was equal to: A. $36,000 B. $44,000 C. $32,000 D. $23,000 E. $40,000