Which of the following provides the best matching of revenues and expenses? a. Specific Identification b. FIFO c. LIFO d. Averaging 2. by Corporation purchased three hats to sell during the year. The first, purchased in February, cost $5. The second, purchased in April, cost $6. The third, purchased in July, cost $8. If Milby sells two hats during the year and uses the FIFO method, what would cost of goods sold be for the year? a. $13 b. $19 c. $14 d. $11 4. uring the year, Hostel Company had net sales of $4,300,000 and cost of goods sold of $2,800,000. Beginning inventory was $230,000 and ending inventory was $390,000. Which of the following would be Hostel's inventory turnover for the year? a. 9.03 times b. 7.18 times c. 4.84 times d. 13.87 times