Your office is on the 68th floor of your building. The CEO's office is on the 77th floor. The two of you are waiting for an elevator one morning. The CEO states "Our purchase costs are rising and I want the lowest net income for tax purposes, Which inventory method should we use?" What do you answer to your boss? O a. I do not know. O b. Weighted Average inventory costing. O c. LIFO (Last-In-First-Out) inventory costing. O d. FIFO (Fast-In-First-Out) inventory costing. QUESTION 15 Your office is on the 68th loor of your building. The CEO's office is on the 77th floor. The two of vou are waiting for an elevator one moming. The CEO states "Our purchase costs are rising and I want the highest ending inventory and highest accounting income for extemal reporting purposes. Which inventory method should we use?" What do you answer to your boss? O a. LIFO (Last-In-First-Out) inventory costing. O b. FIFO (Fast-In-First-Out) inventory costing. O c. I do not know. O d. Weighted Average inventory costing. QUESTION 16 Tess Company's inventory records show the following data for the month of May: Units Unit Cost Inventory, May 1 200 $2.00 Purchases: May 200 3.00 May 15 100 4.00 The company uses a periodic inventory system. A physical inventory on May 30 shows 150 units on hand. Assuming LIFO (Last-In-First-Out) inventory costing, calculate the value of ending inventory. O a. $550 O b. $450 O C. $300 O d. $600