The average 100 6.0 d. 36.60 A Nov. 1 l e Audio the following that 25 A physical Purchase 306 Purchase 120 45 h Parchase 0 of merchandise very w Norvet 6 .60 each hand. Ending inventowy wder FIFO is herchandise inventory on November 10 reveals that there we 5657 b. 1.269 c. $632 d. $1.295 In a period of increasing prices, which inventory flow assumption will result in the lowest amount of income tax expense? a. FIFO b. LIFO c. Average cost method d. Income tax expense for the period will be the same under all assumptions 35. The lower of cost or market basis of valuing inventories is an example of a. comparability. b. the historical cost principle. c. consistency. d. conservatism. When applying the lower of cost or market rule to inventory valuation, market geres means a. current replacement cost. b. original cost. c. resale value. d. original cost, less physical deterioration. Which of the following companies would most likely have the highest inventor a. An art gallery. b. An automobile manufacturer. c. A piano manufacturer. d. A bakery