Which of the following valuation methods for inventory have the effect of reducing profit at a time when the cost of inventory is increasing during the accounting period? First-In First-Out Weighted Average None of the above Last-In First Out QUESTION 13 Rolls Ltd is a clothing manufacturer and purchased a new factory in which it makes women's garments. At the beginning of its financial year ending 31 December 2020, It purchased new machinery for the factory which cost 1,601,000. The delivery and installation costs of the machinery were 73,000. The costs for maintaining the machinery were 14,560 and electricity costs to run the machinery were 35,280. The machinery has to be tested for health and safety purposes at the end of every financial year which cost 4,368 per annum. The machinery is depreciated on a straight-line basis at a rate of 25%. What is the net book value of the machinery at the financial year ending 31 December 2020? 1,200,7501,258,7761,255,5001,296,156 QUESTION 14 Which of the following valuation methods for inventory have the effect of increasing profit at a time when the cost of inventory is increasing during the accounting period? Click Save and Submit to save and submit. Click Save All Answers to save all answers