The FIFO inventory cost formula assumes that the cost of the latest units purchased are included in ending inventory. O included in cost of goods sold. used to determine the average cost of the goods sold. O used to determine the average cost of the inventory. The following are general risk contingencies that can affect anyone who is operating a business and are not reported in the notes to the financial statements, except war. O strike. O lawsuit O recession. Vaughn Company has a December 31 year end. The company received its property tax bill for 2021 on March 1, 2021. According to the bill, taxes of $24600 for the year ended December 31, 2021 are due by April 30, 2021. On April 30, 2021, Vaughn will record which of the following entries? Dr. Cash; Cr. Property Tax Payable Dr. Property Tax Payable; Dr. Prepaid Property Tax; Cr. Cash O Dr. Property Tax Expense; Cr. Property Tax Payable Dr. Property Tax Expense; Cr. Cash