Question 15 2 pts Under which of the inventory costing methods is the cost of Goods Sold always based on the cost of the oldest purchases? specific identification average cost LIFO FIFO Question 16 2 pts Assume that Disney Company reported the following perpetual inventory record for mermaid fins: Date Purchases COGS Inventory Mar 2 $600 $600 Question 16 2 pts Assume that Disney Company reported the following perpetual inventory record for mermaid fins Date Purchases COGS Inventory Mar 2 $600 $600 Mar 14 $240 $360 Mar 31 $180 $540 At March 31, the accountant determines that the current replacement cost for the mermaid fins on hand is 5520. According to the lower-of-cost or market rule, what would be reported on the balance sheet for inventory on March 31? $540 5520 5720 5700 Question 17 2 pts 910 F6 FT F7 F2 FS F3 % @ & 7 7 8 N 3 5