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5. Barry Company ended 2018 with 2 units that had cost $5 each. During 2017, it purchased four identical inventory items. The first two items purchased cost $6.00 each, and the next two items purchased cost $10.00 each. Barney sold five of the items for $15.00 each. Which of the following statements is true? A. Net income will be lower with LIFO than weighted average B. Ending inventory will be higher with weighted average than FIFO . C. Cost of goods sold will be higher with LIFO than weighted average D. Ending inventory will be the same no matter which method used. E. Gross margin will be lower with FIFO than LIFO. 6.Which of the following would be classified as a tangible asset? A. Patent B. Trademark C. Copyright D. Contract E. None of the above 7. Depreciation, in accounting, is a devaluation concept. A. True B. False c. Cannot be determined 8. If prices are rising, which inventory cost flow method will produce the lowest amount for Cost of Goods Sold? A. FIFO C. Weighted Average B. LIFO D. Either B or C E. None of the above