QUESTION 1 LIFO liquidation (ie, when a LIFO firm liquidates its old inventory) usually results in lower cost of goods sold and higher income. True False QUESTION 2 Land is always classified as Property, Plant, and Equipment on a company's balance sheet regardless of its purpose. True O False Which inventory costing method most closely approximates current (ie, most recent) cost for Ending Inventory and Cost of Goods Sold respectively (in the same order): a FIFO FIFO b. FIFO LIFO LIFO OLIFO d.LIFO FIFO QUESTION 4 Red Carpet Company sells product 2005WSC for $30 per unit. The cost of one unit of 2005WSC is $27, and the replacement cost is $26. The estimated cost to dispose of a unit is $6, and the normal profit is 40% of sales price. At what amount per unit should product 2005WSC be reported, applying lower-of-cost-or-net-realizable-value (LCNRV)? a. 24 b.26 c. 27 d. None of the above