Use Newell Brands, Inc.'s most recent financial statements to answer the following three questions.

1. Which inventory cost flow assumption does Newell Brands use to value its inventories?
   1. LIFO
   2. FIFO
   3. Weighted Average Cost
   4. Specific Identification

2. What is the most likely reason that Newell Brands chose this inventory cost flow assumption (given rising price trend)?
   1. To report higher Net Income on its Income Statement.
   2. To report higher Total Assets on its Balance Sheet.
   3. To pay less taxes.
   4. Both a and b are true.

3. Which of the following statements about Newell Brands is TRUE?
   1. Fiscal year 2020 Gross Profit > Fiscal year 2019 Gross Profit.
   2. Fiscal year 2020 COGS < Fiscal year 2019 COGS.
   3. Fiscal year 2019 Gross Profit < Fiscal year 2018 Gross Profit.
   4. Fiscal year 2020 Operating Income < Fiscal year 2019 Operating Income.
   5. Both b and c are true.