QUESTION 4 In an era of rising prices, using UFO will calculate to a higher cost of goods sold than FIFO. A higher cost of goods sold means loss profit which means les fames True False QUESTION 5 Your company purchases a new piece of equipment for $123,000. It is presumed to have a useful life of 5 years and a residualsalvage value of $3.000. Iyour company puts it into service on August 1 and uses the Double Declining Balance Method for depreciation, how much depreciation does it record that irst year