Which inventory costing method assigns the lowest amount to cost of goods sold regularly rising? First-in, first-out (FIFO) Specific identification (S1) Weighted average (average cost or WA) Last-in. first-out (LIFO) If the cost of an inventory item is $114 and the current replacement cost is inventory according to the lower of cost or market (LCM) rule. $14 $100 $114 $214 J2. Merchandise inventory was understated at the end of Year 1 Which error on Year 1's ending balance sheet? Assets are overstated and equity is overstated. Assets are overstated and equity is understated. Assets are understated and equity is overstated. Assets are understated and equity is understated. What of the folio wing are purposes of an internal control system? Cost-benefit principle, human element, and human fraud Encourage collection of receivables, delay payment of liabilities expenditures, and invest cash Establish responsibilities, maintain adequate records, insure ass recording from customer of assets D. Protect assets, ensure reliable accounting, promote efficient policies What of the following are limitations of internal control? Cost-benefit principle, human element, and human fraud Encourage collection of receivables, delay payment of lab expenditures, and invest cash Establish responsibilities, maintain adequate records, recording from customer of assets D. Protect assets, ensure reliable accounting, promote policies