Question 5 2 pts On which statement does the cost of good sold appear? Income Statement Balance Sheet Statement of Cash Flows Statement of Retained Earnings Question 6 2 pts What is the proper formula to figure average cost Total cost/Total Units Total Units/Total Costs Beginning Inventory/Ending Costs Ending Inventory / Units Sold Question 7 2 pts Which inventory system will reflect the highest cost of goods sold? LIFO FIFO Average Cost Specific Identification