Required long Exercise Applying Character For each statement a through e, indicate which enhancing qualitative characteristic best applies (comparability. veritability, timeliness, or understandability). During an audit of Gomez Company, the five situations described below were found to exist 1. The company recorded a $27.50 tool as expense when purchased, although it had a 10-year estimated life and no residual value. orifdilsily 2. For inventory purposes, the company switched from FIFO to LIFO to FIFO for the same items during a five- year period compon Conferin 3. The company recognizes depreciation using the double declining balance, but its major competitors recog- nize depreciation using the straight-line method. Camp Candy