Question 11 2 pts The FIFO inventory calculation results in O c. An inaccurate ending inventory cost O a higher income tax expense O A higher ending inventory cost O A higher cost of goods sold when prices are rising D Question 12 2 pts A petty cash fund Does not require monitoring Is only for special expenses Has enough cash to allow advance payments for employees payroll o Is a small amount of cash on hand for purchases not needing advance approval | Question 13 2 pts D Question 13 2 pts Follman Fabricators, Inc. has 10 units in beginning inventory costing $30 each. It purchased 90 more for $24 each during the month. The company sold 80 units during the month. Using FIFO, Cost of goods sold $1,980 Ending inventory $480 True or False? True O False D Question 14 2 pts Follman Fabricators, Inc, has 10 units in beginning inventory costing $30 each. It purchased 90 more for $24 each during the month. The company sold 80 units during the month. Calculate cost of goods sold and ending inventory using weighted-average cost Cost of goods sold $492 Ending inventory -$1,968 True or False? True False D Question 15 2 pts Follman Fabricators, Inc. has 10 units in beginning inventory costing $30 each. It purchased 90 more for $24 each during the month. The company sold 80 units during the month. Calculate cost of goods sold and ending inventory using LIFO. Cost of goods sold - $1,920 Ending inventory $540 True or False? O True O False Use the following data for Rocket Company, determine the value inventory under the lower of cost or market rule Unit Market Inventory CommodityQuantity Unit Cost Price (Replacement Cost 200 $20 $14 100 $28 $32 400 $16 $12 $10.400 $13,600 D $11,600 D Question 17 2 pts Goods held on consignment D should not be included in the owner's inventory O in the inventory of the dealer where the goods are held buyer when the the buyer state intent to purchase them