Question Completion Status: QUESTION 14 Hardware Equipment and Supplies sells construction and garden products to retail hardware stores one item in inventory, table saws, has selling price of $60,000, cost of $55,000, and replacement cost of 51,000. Hardware Equipment and Supplies pays its salesperson commission at 10% of the selling price. In applying the lower of cost or net realizable value rule, the inventory of table saws would be valued at: $54,000 $55,000 $51,000. $60,000 QUESTION 15 Matching is: A result of recognizing revenues and expenses that arise from the same transaction. An asset classification procedure. A cash basis reporting principle. A valuation method. QUESTION 16 A change in the estimated useful life and residual value of machinery in the current year is handled as A retrospective change back to the date of acquisition as though the current estimated life and residual value had been used all along A prospective change from the current year through the remainder of its useful life, using the new estimates A cumulative adjustment to income in the current year for the difference in depreciation under the new versus old estimates